When you marry someone, a lot of things change. While building a life with someone, there are several things that people are concerned about, a credit score is probably not on the top of the list, but it makes the list. The concern is genuine as Los Angeles based bankruptcy law firm https://recoverylawgroup.com/ explains. Though after marriage, the credit history of the spouses does not merge, yet a bad credit score can affect their chances of getting a combined loan.
Before coming to any conclusion, it is important that you understand that individual credit scores are not affected by marriage. However, as you start your new life your needs also change according to your lifestyle. You might think of buying a new car or a bigger house. All these expenses require you to take a new loan, which would in all probability be a joint one. If either of the partners has a bad credit score, the combined credit limit decreases. If your spouse had previously filed for bankruptcy, this could cause additional difficulty in getting a loan.
There is no need to lose heart as everything is not lost. You can seek consultation from experienced bankruptcy attorneys by calling 888-297-6023. Qualified lawyers will explain that if you need a new debt you could always opt to be a co-signer instead of taking a joint mortgage/loan. Some banks allow the option of getting a mortgage with a co-signer for a year and later (if you have made regular timely payments on it) refinance it without a co-signer. Though this is a great way to get what you want, you need to make efforts to put your spouse’s credit back on track.
This can be done by getting them a new credit card and using it in a sensible manner, i.e. making timely payments on them every month. Eventually, this not only improves your credit rating but also your credit limit. You can later opt for other cards too, however, choose those which have good interest rates and no annual fees. In case either of you is contemplating bankruptcy to get rid of overwhelming debts, it is important that you are well prepared for it. A consultation with bankruptcy attorneys can be a good way to do that.