Freedom Debt Relief Discusses What to Do When Your Spouse has Bad Credit
There is seemingly nothing in this world that is more exciting than discovering “the one”. Before you and your loved one decided to get married, you probably talked about a variety of different things. You’ve talked about your interests, your dreams, and what you want your marriage to look like. But as those who work for Freedom Debt Relief have come to realize, one conversation that many couples conveniently forget to have is the conversation about their credit scores.
People frequently, what do you do if your spouse has bad credit? It is a valid question, after all. Your spouse’s credit score could directly affect your collective ability to get a mortgage or even simply rent an apartment. Though this situation is likely one you wanted to avoid, you don’t need to worry. With the right actions, your spouse could recover their credit profile.
Be willing to apply for a solo mortgage.
When a lot of couples first get married, they assume that both of their names will end up on their first mortgage. While for many people this may be the preferred situation, it doesn’t necessarily have to be the case.
If your spouse has a poor credit score and you have a good credit score, you may be able to qualify for a better mortgage if your name is the only one that appears on the application. Of course, leaving your spouse’s name off the mortgage is not without risks. If you run into future troubles, you may need to change your course of action. But applying for a mortgage by yourself is still a perfectly viable option.
Have the patience to build a good credit history.
Building a good credit score could take a good deal of time. If your spouse has a poor credit score, you shouldn’t expect it to magically resolve itself overnight. Instead, there are actions to take to gradually improve their credit score each month.
If you can find ways to have to access to credit and continually be making your payments in full (and on time), then your credit score will likely be increasing. While you certainly do not want to take on more debt than you can handle, the quicker your spouse can demonstrate that they are someone who reliably repays their debts, the quicker their credit score will be able to repair itself.
When rebuilding your credit, it is also important to learn to prioritize your debts. By having your spouse pay off their most important—usually the largest or the highest interest—lines of credit first, their score could begin to recover and they will be perceived by lenders as a less risky individual.
If your spouse has more debt than they can manage, they may want to consider reaching out to an organization like Freedom Debt Relief. Freedom Debt Relief has helped countless couples across the country manage their credit card debt, and they could possibly help you too.
Andrew Housser, co-founder of Freedom Debt Relief and other related financial organizations, is a Canadian-born financial expert and entrepreneur. Over his highly successful career, he has helped countless numbers of people get their debt under control and return to a path of financial security. He has won a variety of industry rewards and is regularly called upon as a financial expert for the media.