Husband And Wife Credit Acc..

[forkel 0]

If husband having bad credit with bank,

Will it affects wife credit acc? ( my wife have never sign up any credit card etc)

Thanks if anyone know. Worry about the reno loan.

[Guest Thomas Teh]

Yes it will.

[pDark 1]

Hi forkel,

Taking up a reno loan depends mostly on the individual borrower's credit assessment, but the spouse's credit situation may or may not affect:

1. Husband has bad credit rating, wife's credit assessment is very gd (AA rating) and has a stable job that is more than 30k per annum. Wife takes up reno loan on her own - Reno loan approved.

2. Husband has bad credit rating, wife credit assessment is very gd, but not working. Wife not able to take up reno loan; husband takes - Reno loan most likely rejected. Speak to bank on whether having wife as joint applicant would allow the loan application to go through.

Do also note the minimum income criteria - 30k pa for sole applicant, 24k pa for joint. Also note that it takes about one year to have one's credit rating to be revised (for better or worse).

Ps - not an experienced financial adviser here, just a fellow renotalker!

[forkel 0]

Yes it will.

oh no...

[forkel 0]

Hi forkel,

Taking up a reno loan depends mostly on the individual borrower's credit assessment, but the spouse's credit situation may or may not affect:

1. Husband has bad credit rating, wife's credit assessment is very gd (AA rating) and has a stable job that is more than 30k per annum. Wife takes up reno loan on her own - Reno loan approved.

My wife is working. Should have no bad record on credit. Didnt apply any cc b4 hope can apply the loan

2. Husband has bad credit rating, wife credit assessment is very gd, but not working. Wife not able to take up reno loan; husband takes - Reno loan most likely rejected. Speak to bank on whether having wife as joint applicant would allow the loan application to go through.

From qus 1 cos my wife PA around 20k if speak to bank as joint(me as 2nd applicant) i got higher PA font know can get appoved?

Do also note the minimum income criteria - 30k pa for sole applicant, 24k pa for joint. Also note that it takes about one year to have one's credit rating to be revised (for better or worse).

Ps - not an experienced financial adviser here, just a fellow renotalker!

Thanks so much. Look like need to really to check with bank.

Another qus.

How to get reno loan going?

I need to summit quotation from id and prove of house ownership,

Bt if comfirm quotation and loan not appoved than how har?

[pDark 1]

For reno loan process, the following info is taken from OCBC's website. Bring along these documents to any of the bank's branch:

1. NRIC (although not stated, bring along joint applicant's IC too)

2. Income document - payslip for last 6 months OR CPF contribution for last 6 mths OR latest income tax statement

3. Original Contractor's quotation papers duly signed by home owner and contractor

4. HDB Sales Order (i.e. all those documents signed with HDB, just bring whole file to be safe!)

5. Marriage cert (if joint applicant)

If loan is not approved, these are the other alternatives:

1. obtain a smaller amount of loan

2. find another bank (but may face another rejection)

3. seek personal loan (however, the interest rates are much higher, not advisable)

4. seek a smaller quotation from contractor

Anyway, joint applications would usually pass through, as long as the minimum income of 24k pa is hit. Most banks offer the loan amount of 6x monthly income, or up to 30k, whichever is lower. So assuming a person earn exactly 2,000 a month, he or she would be able to loan up to 12k.

[forkel 0]

Thanks pdark.

For joint applications as u mention, not sure if 1 party is having bad credit(like my case) dont know will it approve for the reno loan.

[onehome 0]

its better if you go and check with the bank. As per by knowledge it should not afftect as long as both do not have joint accounts ith the bank.

[forkel 0]

Thanks onehome.

Will get to check it out.