Check one: Do you Own__ Rent__

[Rykstone]

Check one: Do you   Own__ Rent__. 

This question is on almost every credit app.  What is one to do if the spouse,  Male or Female,  is the only one on the mortgage?

If one is helping with their share of paying the mortgage but is not on credit, it seems that marking "Rent" is an unfair answer as well as "Own" because it isnt on your credit.

One more thought.  With the situation above, why is it that the one without the mortgage will get a far less CL than one with a mortgage on their CR?

[SomeGuyOnTheWeb]

Slightly off-topic, but if you're married, why wouldn't you both be on the mortgage?

[Involver]

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@SomeGuyOnTheWeb wrote:

Slightly off-topic, but if you're married, why wouldn't you both be on the mortgage?

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There are a multitude of reasons I can think of.  

H or W owned the home on their own prior to marriage.

H or W has significantly better credit than the other and felt it in their best interest to solely apply for the mortgage.

Etc. etc ...

[Rykstone]

My wife already bought her house before I met her.  I, instead just finished remodeling our house.  I am however looking to purchase a home at the end of the year just under my name while we rent out my wifes house. 

[Jazzzy]

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@Rykstone wrote:

Check one: Do you   Own__ Rent__. 

This question is on almost every credit app.  What is one to do if the spouse,  Male or Female,  is the only one on the mortgage?

If one is helping with their share of paying the mortgage but is not on credit, it seems that marking "Rent" is an unfair answer as well as "Own" because it isnt on your credit.

One more thought.  With the situation above, why is it that the one without the mortgage will get a far less CL than one with a mortgage on their CR?

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  Because the lender can put a judgement against the property. It makes the loan/credit more secure.

[Rykstone]

That makes perfect sense then.  Would that be the same for having a CLI?  Meaning if you dont actually have a mortgage that you would be more susceptibe in having lower overall credit limits? 

[takeshi74]

Possible but not guaranteed as a mortgage by itself doesn't define what CL's one can get.  Mortgage is in my wife's name.  My CL's are higher.