BAD CREDIT HELP – Instant bad credit loan

Question by Katie B: How much will my hubands bad credit affect my credit?
We don’t own anything together, no house, no joint acounts. Financially, we are completely seperate. I knew he didn’t have great credit when we got married, I didn’t know that it was as bad as it really is. If we always stay seperate (at least on paper) will my credit eventually go down the tubes?

Best answer:

Answer by redenz40
NO. The creditors are smart but they do not know that you are together unless you are linked to him someway financially

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Question by Mommy2be: Will my bad credit affect my fiance when we get married?
I’m engaged and we have been putting off the wedding because I don’t want my bad credit to affect my fiance. Is this true? HELP!!!!
Thank you everyone.

Best answer:

Answer by Michael K
It will only affect him if you apply for a joint loan, or a joint line of credit.

Simply being married will not lower his credit score (or raise yours)

So keep working on raising your credit score, but that should not be a reason for putting off your marriage.

I hope that helps.

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Question by msxcheshirexcat: If you have good credit and your spouse has bad credit, how much does it affect you?
I’m debating this with my boyfriend.
He says that if he has bad credit, and I have good credit, and we get married, his bad credit will not affect me at all.
I say that when we’re married ,we share money, so any monetary problems HE has become monetary problems WE have.
Is he right, or am I?
OH, my boyfriend doesn’t have bad credit, we’re just giving a hypothetical situation! =P

Best answer:

Answer by ronda s
Not a problem…until when and if you get married!!!

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Question by MissJessica: How will paying for a car loan on a repo car affect my credit score?
My husband and I signed a ,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe 00. The loan company offered a settlement of 00 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?

Best answer:

Answer by Digger
Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit.

HOWEVER, GET IT IN WRITING! Before you send that ,800 payment, make them put it in writing that ,800 will settle the debt and they will report it as PAID IN FULL. If they don’t put it in writing for you, then after you pay ,800 they’ll say your balance is ,200! (5000-2800) Collection companies are snakes!

Good luck!

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Question by smilez: How much bad credit does it take to affect my credit scores?
I am debating trying to pay off a BIG amount(00) and am not sure how to go about it. I don’t have the money for min. payments and don’t have any marks on my report yet. So how bad is it to get this on my credit report?

Best answer:

Answer by Tundra21999
One 30 day late can reduce your score by 50 to 100 points

A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score by Fair Isaac. The FICO score ranges from 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.

Here is a percentage breakdown of a FICO score:

35% – Payment History
30% – Debt Ratio
15% – Length of Credit History
10% – Types of Credit
10% – Number of Credit Inquiries
Most people are aware of the three credit reporting agencies TransUnion, Equifax and Experian. The average difference in score between the highest and lowest of your three FICO scores is 60 points. This is the result of each of the credit bureaus having different items on their report. some correct, some incorrect and some that are not being reported in full compliance with credit law.

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