Shortcut Navigation:

Question for the Money Doctors

Question submitted on Nov 6, 2011.


My wife and I are hoping to buy a house in the next three years. I have credit and she has none. How important is it for both spouses to have good credit?


Thanks for the question.  The answer probably depends on your situation; the amount of down payment, loan, credit scores, etc.  If your credit is good enough, you may be able to get a loan regardless of your wife’s credit.  However, if your score or debt to income isn’t strong enough on it’s on, then the bank will want to look at your wife’s situation.  Three years should be enough time for your wife to build some credit unless she has some major issues on her report.  Without knowing what the issues are with her credit, it is hard to make a recommendation.  It wouldn’t hurt to talk to a reputable credit counseling service to assist you in this matter.   They may be able to give you some pointers to help her build her credit over the next three years in order to better qualify. 

Saving for a down payment will also be a great help to you.  In this credit environment, the more down payment available, the better you will look to a bank. 

I hope this helps. 

For additional information visit