Just got married and my wife has bad credit...what should we do? We're looking to buy a house in the next year.

Work on the rebuilding your credit Maybe?

You need to review the most recent credit report and start looking into credit repair. If you are in the New Jersey area I can help you.Sharon732 606 6264

Speak with a mortgage professional that services your state. They will be able to walk you through either buying using just your income/credit or whether you need to work with a credit repair professional to buy down the road.

Check out my blog on this site, "First Steps" - has some good practical advice and resources to use, when you have done the obvious things pick an experienced mortgage officer who will help guide your next steps. Ultimately you may have to qualify on your own if you can't improve her situation to where she qualifies. Good luck!

Find a reputable credit repair compan yto advise you what can be done to increase your scores in the most efficient manner.

Work on repairing her credit in the next year - pay down any outstanding debts and perhaps look into credit repair. Consider too if you would be able to qualify for the home purchase without her on the loan in case she is not able to qualify.

Work on repaiting her credit but you should really get with a lender411 loan officer and have them review her credit with you and make some recommendations.

She needs to work on her credit--pay off any collections, never be late on anything again! If you can qualify without her, try that. In the meantime, she should be working on cleaning up the problems. I see that very often--where one spouse has good credit and low income and the other has high income and poor credit. Good credit is so important these days that I would make it a prerequisite for getting married!--Becky at Southern Trust 757-632-7889 or 267-439-6034,

You should have bought a home before you got married.. Depending on which state you live, the rules are different.. Here in AZ, we are a community property state.. so if you were to purchase a home here, you can do it on your own, but we will still need to run your new wife's credit because her debt now becomes your debt.. so you get her debt against your ratios, but you cannot use her income unless she can qualify for the loan. (FHA rules).. if you have a down payment of 5% or more, then you can go conventional and the FHA guidelines wont apply, but you still cannot use any of her income if she is not on the loan.. If you need your wife's income to purchase a home, then the only way to do it is to get her credit improved to acceptable levels.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

She should work on repairing her credit no matter what you decide to do but it is possible to qualify for a mortgage without her. However, this completely depends on your situation. What price range are you looking at? What is you income and credit? Do you need her income to qualify? These are all things you will need to discuss with a mortgage banker to get a better idea of where you stand and what needs to be done to get you where you want to be. I am a mortgage banker licensed in California and would love to help you out if you are located here. Otherwise, get a hold of a mortgage banker in your state for advice.

You should have bought a home before you got married.. Depending on which state you live, the rules are different.. Here in AZ, we are a community property state.. so if you were to purchase a home here, you can do it on your own, but we will still need to run your new wife's credit because her debt now becomes your debt.. so you get her debt against your ratios, but you cannot use her income unless she can qualify for the loan. (FHA rules).. if you have a down payment of 5% or more, then you can go conventional and the FHA guidelines wont apply, but you still cannot use any of her income if she is not on the loan.. If you need your wife's income to purchase a home, then the only way to do it is to get her credit improved to acceptable levels.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Find a top notch local mortgage loan originator to work with. You'll get the best advice for your particular set of circumstances. Your wife can very likely make a huge impact on her credit over a 6-12 month period. So have her credit report run and evaluated, make a plan, and start to implement it immediately.Good luck!

Best plan is to start working with a Licensed Loan Originator in your state now. Sometimes repairing credit can have a 4-12 month turntime, but having a full "free" evaluation is a must right now. I can refer Ecreditadvisor.com as they will provide you with a free over view and timeline to get your credit where it needs to be in order to qualify. This is a small investment but well worth it to get you where you need to be. Your other option is to apply for the new loan as an individual but you will then be limited to qualifying with only your income which will reflect on your maximum purchase price.

Save for a down payment

Repair wife's credit or you could try qualifying by yourself.

I am in Indiana and your wife does not have to be on the Note with you. You would simply apply on your own and your wife's debt will not follow you unless you are joint them and assuming you qualify on your own. You do have a year so i would work on cleaning up her credit as best as you can until then. Once you clean up what you can then only time can do the rest.

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