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credit cards
20 f
Hi ok so this is my queston. My boyfirned of a two years has credit card troubles. in the beginning i had some what of an idea that he did but he was to embarrassed to tell me. well he finally talked to his dad about it and his dad is paying off the eight grand he had built up from when he was eighteen. He is paying his dad now three hundred dollars every month to pay off the debt. I not mad and i not as shocked because i already new he had a problem but my question is how bad is his credit going to be and how long will it take for it to go back up. We want to get married in three or four years and im worried about buying a house with his credit. my credit is great though lol. sorry if i babbled to much.
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Three years from now credit co. wil be offering him credit.
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The best thing that I can tell you to do... He needs to make small purchases every month on his cards. Like, half a tank of gas or a candy bar... Only he MUST pay the entire balance at the end of the month, BEFORE the due date. Cancelling accounts, not using your account, missing payments, and making late payments will all hurt his credit score. For more tips he can visit a financial analyst at his local bank.
I'd also like to mention... Just because he charged up eight grand on his cards doesn't necessarily mean that he's hurt his credit. It's not keeping a balance that hurts his score... It's going over the limit, incurring late fees and missed payment fees, etc. A lot of credit card companies will send you a credit report on a quarterly basis if you enroll in these programs. So... That would be a good way to find out what his credit score currently is.
Also... Consider that to buy a house, his name could be on the deed but not on the mortgage. Even if his credit is shot by the time you look into buying a house, you could apply for the mortgage by yourself.
I really don't think you have anything to worry about. Take care ;)
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I got myself into this problem but try triple his amount. Still there but I check on my credit score and know alot about it. His score should be fine if he was making the right monthly payments. Say he had to pay $200/month Min per the credit card statement. If he payed that or over they like you and don't really take points from you. He still needs to keep using his cared to gain and keep credit though. If you don't touch your card you lose points. In 3-4 years he should have very good credit if he keeps up with his card though. Best wishes with the house.
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