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[hwistlere31]

My wife and I have been married 16 months now. Before we married she owned a townhouse (in which we currently live) and I own a townhouse. I currently have my townhouse rented out. My question, if I add my name to her house would this improve my credit rating? She has never missed a payment on this house in 5 years since she's owned the home. On the flip side, my home was in foreclosure however I prevented the home being foreclosed and haven't missed a payment in 2 years and back on track. I'm trying to improve my credit as it stands at 630 right now. (The foreclosure will remain on my credit for another 5 years -- 7years - 2years = 5 years). If I add my name on my wife home in which we currently live, will that possibly improve my credit? Or will this negative affect my credit score due to my debt to income going up with adding the home? Note: my wife has excellent credit rating at 760. We are looking to purchase another home in the next 3 years and rent her house out in which this case we would have 2 rental properties. We are financially good with a 6 months savings and investing monthly and secured jobs. Thanks in advance.

[cleirach70]

My wife and I have been married 16 months now. Before we married she owned a townhouse (in which we currently live) and I own a townhouse. I currently have my townhouse rented out. My question, if I add my name to her house would this improve my credit rating? She has never missed a payment on this house in 5 years since she's owned the home. On the flip side, my home was in foreclosure however I prevented the home being foreclosed and haven't missed a payment in 2 years and back on track. I'm trying to improve my credit as it stands at 630 right now. (The foreclosure will remain on my credit for another 5 years -- 7years - 2years = 5 years). If I add my name on my wife home in which we currently live, will that possibly improve my credit? Or will this negative affect my credit score due to my debt to income going up with adding the home? Note: my wife has excellent credit rating at 760. We are looking to purchase another home in the next 3 years and rent her house out in which this case we would have 2 rental properties. We are financially good with a 6 months savings and investing monthly and secured jobs. Thanks in advance.

[tim]

I believe this is not gonna help you increase your credit score. Fannie Mae, the giant mortgage-buying agency, recently lifted its minimum score requirement from 580 to 620. To improve you credit score you need to check with some little actions. Patrol your credit reports, Get a major credit card. Retail cards and gas cards can help you build your credit history initially, arrange automatic payments for every card or loan. Don't let disputes go to collections. Your insurance should have covered that bill, Pay under protest and get your revenge in small claims court.

[cumhea]

How would you add yourself to her mortgage? Only if she refinances her home does the opportunity arise to add you as a co-signer. But banks want co-signers that have better credit than the person applying for the loan.... so that would disqualify you as a co-signer.

And adding another loan to your credit report only diminishes your ability to get future loans because you have responsibilities to the existing loans and little cash left to finance another one.

Adding you to the Title of her house will have no effect on your credit report. Acredit report is a compilation of your loans and lines of credit. It does not include ownership in real estate or other items since that is not part of a credit history. They only record the mortgage... not that you are on the title to the house.