On Sunday, May 14, 2017 at 9:05:00 AM UTC-5, Ed Pawlowski wrote:
On 5/14/2017 4:06 AM, wrote:


My house is paid off and has been for years. My old beater truck was paid off 10 years ago. I carry very little personal credit and actually only have one personal credit card. When I checked my credit scores a couple of years ago, they were disappointingly low. I called the clearing house (TransUnion of Equifax) and they told me that it wasn't that I had bad credit, it was that I didn't have ANY credit history of recent vintage. My training in credit services was ringing in my ears. "The prospective client must be able to demonstrate the ability to repay along with a current and active history of timely repayment".

My wife has a credit card in her name and gets offers for more. She has
worked about 6 months in the past 51 years and has a credit score of 830.

I believe it. Although is improved, there are a lot of inconsistencies in reporting.

Also, you are married, no? If so, you have a combined credit score based on each other's activities whether their was mutual participation or not. The law looks at a married couple as one entity; so a spouse that purchases on credit will create a loan or charge that creates a mutual liability situation.

So whether either of you have worked in he last few years or not, if you have demonstrated the ability to repay small loans (credit cards, vehicles, a boat, more credit cards, a yard shed, new siding on the house, a roof, student loans and a host of others) no doubt your MUTUAL credit scores will be high as your wife is tagged to your ability to repay (since you were obviously the primary earner).

Think about it this way; if you divorce, all debt (let's not worry about ratios or clever attorneys) and assets are to be equally divided. This is because all credit/assets for a married couple is mutual; likewise, if you wife entered into debt without your knowledge and failed to repay (that sports car she always wanted!) it would ruin not only hers but your credit as well.

But if all payments are made, and all is on time, then both share the benefits. Should that event occur though, if you were the primary (worse, only) wager earner for the married entity, she would be completely sunk because she is single (a new, legal entity)and cannot demonstrate the ability to repay.

Robert