I f I have a perfect credit and my husband has a bad credit how does this affect my financial status?

His credit score has been bad for the last 10 years and will take another 10 to get in shape. Do I take on his debts as his wife?I f I have a perfect credit and my husband has a bad credit how does this affect my financial status?
Your credit is just that. Your credit. Your husbands credit is just that. His credit.





As long as you do not apply for anything jointly, you will not be effected. If you do apply jointly, your interest rate will be higher due to his bad credit if you are approved at all.I f I have a perfect credit and my husband has a bad credit how does this affect my financial status?
In the present, you two cannot apply for loans jointly as easily as you can apply alone. His bad credit will drag your down as co-applicants. So, in other words, you will be stuck applying for everything in your name only. So, you are taking on more obligation!





In the past, I believe any debts he had before are still his and his alone.





One other thought: I cannot IMAGINE a credit situation sooooooo bad that it will take 20 years to clean up. I frankly don't believe there is a such thing! Even if he filed bankruptcy, his debt to income ratio INSTANTLY improved, he INSTANTLY stops being late on a bunch of bills he couldn't pay, and INSTANTLY a bunch of debt now shows zero balances. Those are all pluses. YES, he DID file bankruptcy, but let's focus on the positives. If from that day forward, he pays his bills on time, and maybe starts to try to re-establish some credit in baby steps, paying everything on time or early then ... well, it doesn't take 20 years.
No you dont take on his debts, but dont sign up for anything with him. Dont put it past bill collectors to come after you if you have the same last name.
its only bad if you guys get things together.. and just have him pay off his debt
If the two of you decide to buy a place together, you should only have your name on the loan. Once the entire loan process is done and you have the house, then you can add him to the deed of the house. Otherwise you will end up paying a lot more in interest due to his low score.