When citizen first get married they think that it will last forever. In addition, they think they know all there is to know about the other person.
Too often neither of these facts turn out to be true. And whether mistake can be devastating to your prestige scores.
As a mortgage loan consultant I hear many counts of how someone has had their prestige rating destroyed by a spouse or ex-spouse.
Just last week, I spoke with a gentleman who has a car repossession on his prestige article from a divorce situation. He and his ex-wife had a verbal deal that she would keep the car that she had been driving and would keep up the payments. The debt for the car was in the husband's name. The wife quit production the payments and allowed the car to be repossessed. It now has a major negative impact on his prestige report.
The car dealership has no sympathy for him. They naturally want him to pay the equilibrium due. The car should have been sold to his wife as part of the divorce settlement and she should have obtained her own new financing for the car, allowing her husband to pay off the debt he owed for the car.
Another example is a situation that a lady I spoke with has found herself in as a corollary of divorce. She and her husband had jointly owned a movable home that was their traditional residence. Upon their divorce she remained in the movable home and he moved out. She prolonged to make the payments for some years.
When she decided to sell her movable home and move into a new house, she found that her ex-husband would not consent to the sale. Because his name was still on the deed and the mortgage she could not sale the movable home. If she stopped production the payments then the mortgage company would foreclose on the mortgage and destroy her credit. She would not be able to qualify for a new mortgage for many years in the future. It would also destroy her husband's prestige rating but he didn't care.
If a husband and wife have a prestige card with both names on the application then the prestige card activity is reported to the prestige bureaus for both parties. So, misuse of the prestige card by one can negatively impact the prestige scores of the other.
If you, as the husband or wife, obtain a mortgage for a new home in just your name then you alone are responsible for the debt, but remember that both names will be on the title and the deed to the home.
The opposite is also true. If one spouse has as exquisite prestige rating and the other spouse is added to a prestige car, a car payment or a mortgage and the good institution of paying these bills on time it will bring a determined impact to the prestige rating of the added spouse.
Before you marry it would be good to learn more about your hereafter spouse's spending habits and money management. This is not being distrusting, it is just good common sense.
Repossessed Mobile Homes:How Marriage Can influence Your credit description and Score