Married into bad credit - Can I help?

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Married into bad credit - Can I help?

Postby LadyinRed » Thu Jul 26, 2012 10:28 pm

When he was in college, my husband was one of those people that maxed out his credit cards all the time. He got a lot of it down, but he has one card with a $2,000 limit at $1,500 (he pays the minimum balance each month). He has one other card also with a $2,000 limit that he pays off every month.

I just opened a Chase Freedom account this week that has 0% APR for 15 months for balance transfers ($7,500 limit). It occurred to me that I might be able to transfer his $1,500 balance on my card and help his credit score.

Now my question is - how much do you guys think this would help him? Would this hurt me? (I have about a 9% usage rate right now). Any advice would help!

AMEX: Blue Cash Preferred (6% on groceries, 3% gas & dept stores)
Capital One: Venture (2 points per $1, equivalent to 2%)
Chase: Freedom (rotating 5% categories), Disney Rewards (1 point per $1, Disney benefits)
US Bank: Cash+ (5% bookstores / 5% Electronic Stores)

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Postby MemberSince99 » Fri Jul 27, 2012 6:21 am

It's not going to help him if he goes and charges it up again. He has to learn to be responsible first. I understand wanting to help but I've come to believe that bailout corporations out or bailing people out only encourages the same behavior because there is no consequence to bad decisions and that all but ensures it will happen again.

So I wouldn't do it, but it's your call. Your utilization would go up a little bit and it would impact your score a bit but it wouldn't be anything dire unless you're going for a mortgage but if they factor in his utilization you might be better off anyway.

Hard for us to really completely say, I just would think long and hard about it before doing it. He may learn more by paying off his card and being debt free that way. And 1500 isn't a huge amount of money.

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Postby lucasoil4u » Fri Jul 27, 2012 9:38 am

Have him cut back on his spending on the second card and put that towards the balance on the other card. He may have to suck it up for a month or two and pay it off or atleast down. Time to grow up with the credit cards!

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Postby NYC_Dweller » Fri Jul 27, 2012 12:14 pm

As mentioned 1500 is a very small amount of debt compared to what's out there. We don't know your financial situation but I would let your husband handle his own debt. He will appreciate being cc debt free more when he pays it off.

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Postby KingVicc » Thu Aug 02, 2012 1:44 am

Debt-free is the way to be. Like others have stated, we all have to learn to be responsible with credit cards. If you really think it would be more beneficial to do a BT then go for it. But we can't really tell you if it would be extremely helpful or not, or by how many points his score would go up by, etc. Have you considered having a joint credit card account with him. That could help his credit out, as long as he isn't maxing out that card lol (Because then it could also affect your score!).
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Postby DavidNY » Thu Aug 02, 2012 8:25 am

If you are sharing finances and you don't have the money in the bank to cover his balance, the BT makes sense. But as others have said, make sure he doesn't get deep in debt again and bring you along for the ride.

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