I heard that if you change your name twice your credit rating doesn’t follow you. This may not be true in the US but I’d look it up.
PerfectDark
I went through a bankruptcy, following a nasty divorce. Several years later, when Marcie and I married, we did a pre-nuptial agreement. She kept her own name rather than taking mine and we have kept our respective finances completely separate—no joint accounts, no joint ownerships. While my credit is still shaky because of the bankruptcy, Marcie’s credit is excellent. It might benefit you to look into a similar arrangement.
Incidentally, there is no law requiring a married woman to assume her husband’s name, although many people believe there is.
It’s not true in Australia either. You could attempt to change your name and obtain credit under your new name but judging from our experience you’d be needing to be pretty good at falsifying information. Mr Primaflora has changed his name twice and now has one name on a deed poll and another name he uses in every day life. It’s nothing but a major hassle WRT banks and other institutions. Err just to make it clear - he didn’t change his name to obtain credit, he’s just a disorganised hippie at heart who never has gotten around to making sure all his bits of paperwork have the same name.
I don’t see love being as shallow as choosing by rank of credit rating. pffft Wouldn’t want to marry someone who thought like this anyway. To err is Human - and when you love someone, you accept them for all they they are and all that they aren’t - time to grow up a bit don’t ya think?
Anyway -
DMC mentioned "add a comment about the foreclosure to his report, i.e. “It was my parents house, which I cosigned because…”
You can legally add comments/explanations to your credit reports, speak to a credit counselor, or contact the 3 Major Credit Beauraus personally and ask how you can submit this sort of thing. Great Idea - And to also explain this circumstance “Prior” to applying for a mortgage so that they are forewarned and aware - this makes you appear more sincere in your honesty.
That’s a good idea - there is also another way - which has disadvantages as well as advantages. You can create a new credit profile of sorts, it’s related to owning a business… like a resellers ID (People Use These When Purchasing Wholesale - to Avoid Paying Tax and things)
They are legal, But, the rating will be blank and bare until he adds positive credit transactions. You could use this until the foreclosure falls off of his standing credit file, but then, it would be lacking the good credit you build up on the newer one. You can talk to any credit counselor about this, or look it up on the http://www. Requires obtaining a business license, and applying for the Number… and a few other things.
Just an idea.
Also - When 2 people are married, and they both sign for credit, it isn’t like “The party with the better credit, is seen as a co-signer and can improve the chance of acceptance” If your spouse has bad credit, and they sign beside you - they look at you both as a whole. Credit Companies are not well known for their “Understanding” in bad situations. Which really BITES!
I’d go with adding the comments, and perhaps speaking with an attorney about having this resolved in court, so that his parent’s can take their end of responsibility for what they did as well. Yes - he “chose” to sign the mortgage, but those were also his parents… Parent’s are supposed to be an authoritive figure that we can trust, who will not take advantage of their children. So they have just as much responsibility in allowing a foreclosure, as he did for trusting them enough to sign it for their benefit.
I don;t think it’s fair to blame her fiance’ 100% for the situation. Last time i checked, trusting your parents wasn’t a persecutable crime (But it should be in cases as such where they take advantage of what isn’t theirs to ruin)
All good points except for possibly this one. It sounds like you are referring to the EIN, which I warned against in my earlier post. This is straight from the FTC website:
“It is a federal crime to make any false statements on a loan or credit application. The credit repair company may advise you to do just that. It is a federal crime to misrepresent your Social Security Number. It also is a federal crime to obtain an EIN from the IRS under false pretenses. Further, you could be charged with mail or wire fraud if you use the mail or the telephone to apply for credit and provide false information. Worse yet, file segregation likely would constitute civil fraud under many state laws.”
For this reason, I’d stick with cleaning up the report based on his SSN.
PLG, I’m going through a similar situation as your fiancee. I screwed up my credit when I was younger. From my experiences the last year, if he has not messed up his credit too bad since the foreclosure, he shouldn’t be in that bad of shape. In the last 6 months I’ve gotten a car loan, and two non-secured credit cards. My interest rates aren’t the best, but they aren’t horrible either. Like I said, this is from my experience, his situation is a little different, but its not hopeless. Good luck to you two.
**
My apologies for even mentioning that then. I had no idea, 1st. that it was something you could only aquire by providing false information… And B. especially regarding the illegality of it - but thanks for bringing it to my attention, I will now swiftly “retract” my suggestion of that.
spanks for me - im a bad girl
Sorry 