Money Matters
mommakx3
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Building DH's credit
I need some advice on how to build my DH's credit. Long story short he cosigned a loan for his parents a few years before we were married. They didn't pay like they should have been paying and tanked his credit.
We currently have a mortgage that is in my name only because when we purchased his credit was already terrible. My brother passed away last month and had been clearing off ground to build a home. My dad would like me to have the ground and build there when we are able. I know I won't be able to qualify for a large enough loan on my own so I am trying to find the best way to boost his credit over the next few years so that our credit is where it needs to be when we are ready to build!
Any suggestions welcome!
Re: Building DH's credit
Does the loan he co-signed have a bunch of slow pays or did it go into collections/charge off?
If it's in collections it will be on his credit for multiple years.
If it has slow pays, typically credit reports reveal up to 24 months of payment history. So, if moving forward it is always paid on time, the slow pays will eventually fall off the end of the report as the 24 month reporting period cycles and the months get replaced with "pays on time."
If this means he needs to take over payments for them, then so be it.
Are his other accounts in good, on-time standing? If so, he may be able to provide a potential lender a written explanation with the loan documents, from this bad loan showing he is only a co-signer. They may be willing to work with you depending on the rest of his credit report.
The only way to rebuild credit is to pay on time, in full, every month.
Add him to your longest history CC as an authorized user. THEN use the card sparingly (never more than 15% of the allowable limit) and PAY IN FULL every month.
Has the situation with his parents been resolved?