Couples and Credit

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Couple and Credit

I think back to when my husband and I were starting out. I thought I had scored the lottery. Not only was he an incredible man he had an 825 credit score!! I mean lets face it. That’s the dream.  We were approved for a massive loan even though he only made $15 an hour at the time.

However I use the word “we,” loosely.  I had NOT been as responsible during college, (like virtually not at all) and found that my score was hanging in the 600’s.  7 years ago that was viewed much like 400’s are now.   So my husband got a killer loan approval and I was left out in the cold. Luckily we didn’t jump on that loan for many reasons, the biggest being one month later he was laid off.

Fast forward to the present time and we finally own a home we can not only afford but fits our kids.  While it isn’t fun having kids in apartments and rented houses we are grateful we waited to buy and bought what we needed.  We also learned as a couple how to manage money and to control our spending.  See Dave Ramsey says that in most relationships there is a spender and a saver.  Couples need both types but they need to work together.  I found this article had some useful information when it came to couples and their credit.  Specifically in relation to their mortgage and the savings you could have.

I will say what was key to us buying our home was getting our scores in a very close range and repairing the damage after my husbands job loss.  Learn more about the program that helped us buy our home by going to Repair Your Credit Today

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