Bad credit blues

iVillage Member
Registered: 02-13-2004
Bad credit blues
2
Fri, 10-01-2004 - 2:46pm
When my husband and I applied for a mortage about six months ago, we learned that I have abysmally low credit -- as in 75 percent of the population has better credit than I do. (The problem: high balances and several late payments from about a year ago when I was busy planning a wedding and let my bill paying slide.) The lender wouldn't even consider giving us a loan with my name on the application. Fortunately, my husband has a great rating and makes a good salary, so we were able to get the financing we needed for the house on his credit alone. Now, we're looking to buy a car, so I checked my scores again to see if they had improved. Though they had improved slightly, they are still at the bottom of the heap. Again, this most likely will not be a problem when it comes to buying a car given my husband's credit history, but my low credit score is a continued source of embarrassment and is hurting my self-confidence. I am a smart, well educated person, who has a good job with a good salary, but it's tough to feel good about myself when I know that, were it not for my husband, I'd not have a house or a car. Plus, I'm thinking of looking into a new job in the near future, and my credit rating could be an impediment. I've stopped using my credit cards entirely and am trying to make twice the minimum payments on my cards each month, though curbing my spending, admittedly, is tough. I know it will take time to repair my credit, but does anyone have any tips for mending my self-image in the meantime? Has anyone suffered a similar experience?
iVillage Member
Registered: 07-23-2004
In reply to: bellehoo
Fri, 10-01-2004 - 3:06pm
Cheer up, you are definately not alone. Due to a very unhappy ending to my first marriage in 1994, I was pretty much on the brink of bankruptcy. We were finally divorced in 1996 (long, miserable, costly fight in divorce court), and by then my credit was really shot. I remarried shortly after the divorce was final, and 3 years later I also had to deal with the fact that my current husband had to be the only name on the mortgage, and our car, and most credit cards and utilities. I made absolute sure to keep completely current on any and all bills, in fact I paid most of them early, especially the ones in my name. As time went by, I kept an eye on my scores, and slowly began transferring utililties into my name. In 2002, we refinanced, and now I am on the mortgage as well. My credit score is now at 740...I am still workiong on getting and keeping us out of debt, but I've made sure everything has always been current. We now have 2 kids, and it is difficult. But it definately can be done. It takes a while for the scores to improve, so stick to your guns. You can do it!!!

hth

~Dawn

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Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: bellehoo
Fri, 10-01-2004 - 4:42pm

OMG I know *exactly* what you're talking about.

All my best,
Danni