I am engaged with improving credit (should be pretty good by next year) but my fiance has a LOT of credit issues from a foreclosure in a previous marriage to numerous medically related bills. We are not looking to purchase a home for the next 3 years due to educational goals but that time will come so I am attempting to be proactive. Can anyone make suggestions as how we may be able to get married without her credit history uniting with mine?
I’m not sure if this is possible so I ask. Our best scenario is probably to get a house using my credit when the time comes since she has at least one long-term credit hit (foreclosure) so any advice is welcomed.
I’ve read the following somewhere – is that true?
My wife and I had a similar situation. I had previously filed a Chapter 7 and it was still lurking around on my credit when it came time to buy a house. I made significantly more money than she did so affording the payments was no problem. Our mortgage broker suggested that we do the loan in her name only because with my name on the loan the interest rate would have been 2 points higher.