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AFMJen

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Which debt to focus on first
My husband is from the UK and has no US credit history. My credit isn't bad (700) but I was recently declined for a card I applied for to take advantage of a balance transfer offer and my credit card usage is high. I currently have a mortgage in my name only. We are looking to sell and move from our condo to a larger home in a less expensive part of town. The only money we will have for a down payment will be from what we get when we sell. I anticipate this being a substantial amount going by the recent selling prices of similar units in my building. Since the value of the dollar is so poor compared to the British pound, we have been focusing on paying down his debt back in England, making minimum payments to my credit card debt which is quite substantial. Since I am the one with the US credit history, should we switch our focus to paying down my debt with the aim to improve my personal credit score before applying for a mortgage next year? Or should we continue to focus on his UK debt?

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Payoff the smallest debt first then work your way to the largest.   

Google Dave Ramsey's 7 Baby Steps

Good Luck

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It depends a lot on what kind of loan youa re looking for. If you want both of your incomes to be used in determiningthe ammount you qualify for, then they will take the lwoer of the credit score for the two scores for the two of you. So you should focus on getting your husband credit. do you have some old cards with low utlization ratio that youc an add him to. Go to your local credit union, get an aco**** there and also get him a credit card, even if it needs to be secured. In 6 months if secured card, ask for unsecured caard. If not then get a second card.....

If you will be using only your income and only your name on the morgage, then you do need to talk with the morgage person at your credit union -- pull your free credit reports at annualcreditreport.com and do not let the morgage persont opull it for you. Instead go voer it and the options you will have. 

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