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Scott,
I was wondering about what sorts of ramifications my credit will
have on my obtaining a mortgage in the future? Here is the
situation: while in college I got myself into credit card debt
(about $6,000). After college, I married a debt-free man (no student
loans, one credit card, great investments). Over the last 1 1/2 years,
we have paid my debt down considerably (currently, I owe about $2,000,
each card is at about $500). One of them was charged off, the other 3 were closed
by the credit issuer. Though my credit report is looking better, I would like to know how
this will impact our obtaining a mortgage (not in the too near
future--I'm 25, he's 27). We feel we'll be ready to purchase a home in
the next 7-10 years. I'm very concerned about my credit rating
inhibiting him. Darlene
 Darlene,
It's very good that you're asking these questions because there can
certainly be an impact on your getting a mortgage. When you apply to
get a mortgage, it's going to be in both your names so the bank is
going to look at both credit reports.
They're going to see the same information that you mentioned, but
they're also going to see that you've taken care to rectify the
situation by paying off your debts. I personally believe that by the
time you're ready to buy a house, none of that is going to matter at
all! That's because it's so far in the future (7-10 years) that no
bank is going to care about your college years. Plus, by then it's
all going to be removed from your credit report anyway.
Keep up the good work!
Scott
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