Posted on: 02nd Apr, 2013 01:38 am
Hi everyone… I need suggestions! I'm in a relationship and the credit scores of my GF are in the low 500. She owes money to multiple companies, and most of her accounts will never be paid off. My scores (FICO) are near 700. Should I be worried about her past history with credit?
If both of you plan to take out a mortgage or any other kind of loan jointly, then her bad credit may be a problem for you. It will be better if she could take steps to pay off her debts and improve her scores.
Yes the above reply is true, but then i would like to add that your GF should not spend beyond her means, avoid defaulting on her financial obligations and use a secured credit card to improve her credit score.
As long as you keep your transactions separate, then there is no need to be worried. But if you plan on taking out a mortgage or applying for, ay, a car loan, jointly, then her credit score may negatively affect your chances. Convince your girlfriend to pay off the debt she has on her accounts and the money she owes the companies. In this way, her credit score will improve and you will never be worried about how her score might affect yours. Conduct a credit check regularly especially if your girlfriend agrees on working on improving her credit score so the both of you can keep track of her progress.
Great advice you have received here.Look for ways to help your girlfriend improve her credit scores.There is a lot of useful information on this site