I was divorces a few years ago. As part of the settlement my wife was to refinance our house to get it out of my name. She has kept current with the payments but it still shows on my CR. My question is does the $180,000 owed, which more than doubles my current total amount owed, hurt my credit score now that Iv'e financed another home, car etc...? will it keep me from obtaining credit because of debt ratio? Additional info Since our divorce I have chap 7 bk(she got the assets i got the bills) but have re-established credit and currently have a tu score of 646?
I'm not an expert here, but I would think her house is definitely going to be figured into your ratios. After all, the loan is in your name and the history goes on your report as well as the outstanding balance. Some creditors might think you are overextended. But if you're not going to buy another home anytime soon, then I wouldn't worry too much about it...as long as your ex keeps paying on time. Once the loan is paid off, then it will help your credit to have "Paid as Agreed" account with such an established history. Calmest_LA
