Marrying Someone with Past BK

[ElDestructo]

Hi,

I am engaged to be married in 2009. She currently has a BK on her record due to a previous marriage (credit score in the lower 600s now). I have good credit in the 780 range and am pretty cautious not to have my record affected. A couple of questions:

(FYI, this will be in AZ which is a community property state).

We are looking to buy a house, obviously this will be using my credit only. Does it matter if this happens before or after marriage?

If we open a joint checking/savings account, will this show up on my report?

If I "request another card" from my credit card company will this merge things? It looks as though they require her name and SSN.

When we buy another car, would you recommend that it is just placed under her name solely so we can rebuild her credit?

Thanks for any help here, also, should we meet with a lawyer to discuss these matters before proceeding?

[soleprop]

good questions, i'm in for the read.

[Flamingo]

Hi,

I am engaged to be married in 2009. She currently has a BK on her record due to a previous marriage (credit score in the lower 600s now). I have good credit in the 780 range and am pretty cautious not to have my record affected. A couple of questions:

(FYI, this will be in AZ which is a community property state).

We are looking to buy a house, obviously this will be using my credit only. Does it matter if this happens before or after marriage?

If we open a joint checking/savings account, will this show up on my report?

If I "request another card" from my credit card company will this merge things? It looks as though they require her name and SSN.

When we buy another car, would you recommend that it is just placed under her name solely so we can rebuild her credit?

Thanks for any help here, also, should we meet with a lawyer to discuss these matters before proceeding?

First, in your first paragraph, your soon to be spouse did not file BK due to a former marriage, it was filed due to debt established by herself and her former husband and was there at the time of their divorce or before if they filed before their divorce. Debt causes bankruptcy, not marriage. You seemed to be concerned enough to check into protecting your own credit knowing this so you will probably need to watch credit cards and spending habits when you are married.

Anything involving her SS# when you marry her that you do jointly will affect you. It can also affect you if you put her on any of your accounts as an authorized user. If she filed a Chapter 7, it will be on her credit reports for 10 years; 7 years if she filed a Chapter 13 (from date of BK filing). Checking and savings accounts in joint names do not show up on credit reports but the bank will pull both of your credit reports upon opening an account.

Until that BK is off her credit reports, do your homework as to any future loans or credit purchases prior to both of you signing. Hopefully she doesn't have long to go with that because your good credit will eventually help her.

Congratulations on your forthcoming marriage and best of luck to you both.

[ElDestructo]

Thanks for the info here, yup I realize that bad spending habits caused this and it is frustrating however having known her I can safely say this was mostly on the part of her ex. It was a Chapter 7 in 2005 so there is still a lot of time left

Well I am going to ensure everything is apart until I purchase a new home later this year. After that, can you clarify what happens when we attempt to open a checking/savings account together? The bank can pull the records however, will they place her BK on my credit report?

Thanks again

[Flamingo]

When you and your spouse go to the bank and open a joint checking and/or savings account, the bank almost always pulls your credit reports. Whether or not her BK will be a problem, I do not know. Banks do not report your checking or savings accounts to the credit reporting agencies. So, therefore, any joint checking/savings account you open with her should not affect your credit. However, in the remote chance it could, I would specifically ask someone from your bank about that before you go ahead and open joint accounts. You can always have separate accounts until her credit clears up.

[bmrigs]

Thanks for the info here, yup I realize that bad spending habits caused this and it is frustrating however having known her I can safely say this was mostly on the part of her ex. It was a Chapter 7 in 2005 so there is still a lot of time left

Well I am going to ensure everything is apart until I purchase a new home later this year. After that, can you clarify what happens when we attempt to open a checking/savings account together? The bank can pull the records however, will they place her BK on my credit report?

Thanks again

Remind yourself Eldestructo that you are marrying the girl and not her credit report. Dont let this thing govern how you two start off your life together. I wish you both the best and successful marriage together.

[BankruptPinoy]

Remind yourself Eldestructo that you are marrying the girl and not her credit report. Dont let this thing govern how you two start off your life together. I wish you both the best and successful marriage together.

I agree. Also, in the larger scheme of things, who cares about credit or any of this material stuff?

Also, we all may be suffering in the future, as in global depression, war, famine, et al, so who will care in the future if that happens, about credit scores and bankruptcies? I feel like we've been lied to on so many fronts. School makes us consumers. We need to break that mentality.

The Seven-Lesson Schoolteacher

http://www.wanderings.net/notebook/Main/SevenLessonsTaughtInSchool

Look again at the seven lessons of schoolteaching:

* confusion
* class position
* indifference
* emotional and intellectual dependency
* conditional self-esteem
* surveillance

All of these things are prime training for permanent underclasses, people deprived forever of finding the center of their own special genius. And over time this training has shaken loose from its own original logic: to regulate the poor. For since the 1920s the growth of the school bureaucracy, and the less visible growth of a horde of industries that profit from schooling exactly as it is, has enlarged this institution's original grasp to the point that it now seizes the sons and daughters of the middle classes as well.

The Business of Schooling

http://www.johntaylorgatto.com/historytour/history4.htm

Children were literally trained in bad habits and bad attitudes!

So please don't think I'm being critical, as I'm not. I'm just saying that the reminder above from bmrigs sounds good to me.

And I wish you and your loved one health and happiness always.

[ElDestructo]

Hi all,

Thanks for the replies. I agree, I just want to make sure we have the best life together as possible. For a lot of people this would be more of an issue, to me it wasn't, however I want to just be aware and be slightly cautious

I am glad to hear about the checking/savings accounts that was a main concern. I didn't want to have multiple checking accounts, what a pain. I will make sure to ask the bank though just as a double-check.

Thanks again!

[bmrigs]

I agree. Also, in the larger scheme of things, who cares about credit or any of this material stuff?

Also, we all may be suffering in the future, as in global depression, war, famine, et al, so who will care in the future if that happens, about credit scores and bankruptcies? I feel like we've been lied to on so many fronts. School makes us consumers. We need to break that mentality.

The Seven-Lesson Schoolteacher

http://www.wanderings.net/notebook/Main/SevenLessonsTaughtInSchool

The Business of Schooling

http://www.johntaylorgatto.com/historytour/history4.htm

So please don't think I'm being critical, as I'm not. I'm just saying that the reminder above from bmrigs sounds good to me.

And I wish you and your loved one health and happiness always.

This sounds interesting. I dont have time now but will look into this when I have time. Thanx

[southernbelle]

You are marrying her, not her credit report. I would just say to be cautious about opening any joint cc's or getting any loans without checking with the lender first to find out how it will affect you. If it is a huge problem, talk to her because it seems like you are really stressing out about it and it might cause problems later on down the road. Do your homework before getting married because it is a big step to take and should be taken seriously.

Since she filed in 2005 and it had nothing to do with you, I can't see how the BK could end up on your credit report, especially since you can prove through public documents that you never filed. Also, keep in mind that she didn't hide the fact that she filed from you and should be an indicator that she is trying to do the right thing in coming clean so that you know the facts before making the life long committment. I commend her for her honesty and respect your decision to at least investigate the facts, but don't let this control your life, just be cautious.

[screwedupbyRE]

Take a commitment from her and commit yourself too, for not having any credit card in your life. Live on cash, and live like a king.