Credit Card Center Advertiser Disclosure†
11-04-2013 03:27 PM
11-07-2013 08:24 AM
How do creditors perceive overall debt for married couples? My wife has poor credit, so a majority of CC debt falls in my name, as well as out auto loan. I have good util and no negative payment history, but I sometimes worry about how a high debt balance looks, esp this time of year. Is that ever considered before a creditor determines that your debt is too high? I'm more or less taking about your existing creditors, not new accounts.
Just curious if anyone had any thoughts on this...thanks!
11-07-2013 12:50 PM
My understanding is that unless it is a joint account (in which both incomes and total debt will be considered, as it falls under both names), lenders don't care whether you're married or not. They will look at the account holder's income and debt level. In terms of applying for new credit, I'd imagine that you'll eventually hit a limit, based on your income, at which lenders do not want to issue you more credit. In terms of AA by a CCC, you'll need to look at your risk factors - but as far as I know, it doesn't matter if you're carrying the debt for two people. If you're the account holder, they look at your info.
11-12-2013 05:12 AM
Im confused how you have good util but high CC debt that doesn't make sense. Regardless creditors only look at who's applying for the credit. I bought a car but didn't put my wife on the loan, they only pulled my credit. We bought a house together, they pulled both our credit.
As an aside a good way to help your wife's credit is to add her as an authorized user to some low util cards with longer age. Did this for my wife now her scores are through the roof
11-12-2013 05:44 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.