I don’t have an answer for you, but I can give you a little food for thought.
Having worked in construction for 20 some years I decided to do some rehabbing. I bought one house, rebuilt it, bought another and rebuilt it. Both houses were done with none of my money (just a fortunate circumstance for me).
I have not had verifiable income for years. If someone were to ask me my annual income I would have to say zero (cuz I ain’t tellin’).
I went to mortgage both of the properties. With no job, no verifiable income, nadda, zip, the bank paid out to me just under 90K if I kept my wife out of things. Seems her credit was worse than mine because of student loans, ect…
Moral of the story would be if you can do it on your own, I’d hesitate with starting paper trails that would have a blemish on them.
I’ve reposted this question here. I originally posted it in another area but it may have not been the best area because I got no response. I hope someone can help me.
When I got married in August of 2000, my wife already had a mortgage on the house she was living in. After getting married, I moved in
with her. She and I are pursuing real estate investing together. Because she has a bankruptcy on her credit report, we’re using my credit
only to purchase properties. I’ve been told that if I was co-owner of the house we live in, it would help my credit rating which is I believe
around 620 to 650.
My question is, would it help if my name was on the title, the mortgage or both? What would make the mortgage lender happy? And how
can I go about putting my name on the appropriate article(s)?
I am not a credit expert, but I just don’t see how adding your name to the title of your wife’s house will help your credit rating. If the mortgage is in your wife’s name only, then only her credit rating would be affected by whatever takes place with regard to that loan.
In my limited experience, it appears to me that higher credit scores are achieved by having
(1) a limited number of revolving credit cards (no more than four) with high credit limits and low to zero balances,
(2) no late pays on any debt in the past two years,
(3) a low number of credit inquiries within the past 90 days,
(4) some long term debt (e.g., mortgage) with ontime payment record for past two years, and,
(5) no record of foreclosure in past seven years or bankruptcy in past ten years, and, no judgements on the public record.
If you have credit cards at or near their limit, the fastest way to improve your credit score may be to pay off those credit cards as quickly as possible.
Perhaps others on this board with more extensive knowledge in this area can tell us whether having your name on the property title improves your rating.