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pl8er
04-05-2009, 10:19 PM
Yeah, couldn't think of a good subject, sorry. :crap:

So my wife's credit is sorta jacked up and whenever we purchase things everything has to be done through me and based on my income solely. Luckily, due a a credit union mistake at a very young age and being a bit OCD on paying my bills I have fantastic credit. The problem I am having is that there is over 40k a year that I am missing out on claiming when making large purchases.

Anyone have suggestions for adding her to an income statement when applying for something new?

I was thinking writing up a contract for the mortgage to show income based on what she pays to me for it (would be half). Any other suggestions, or anyone else run into this?
bluecar
04-05-2009, 10:21 PM
Are you trying to improve her credit?

Sign up for a credit card...have a joint account?
pl8er
04-05-2009, 10:24 PM
Na, were already working on her credit. She has a small card that she uses and keeps small amounts on and occasionally pays totally off, and I consolidated her debt.

What I'm looking for is a way to add her income to a loan application when I'm applying for loans.
bluecar
04-05-2009, 10:28 PM
Just do it? Are you wanting her income, but not credit score?
pl8er
04-05-2009, 10:33 PM
Yeah, next time I apply for a loan (i plan on getting a new car in June or July) what options do I have to include that money? I can't just say add her income but not her credit, that doesn't work (i've tried). I would have to have a contract or something (I think) to add it as additional income.
bluecar
04-05-2009, 10:36 PM
You could add the "rent" as additional income. However, I could see you getting yourself into a mess of a tax situation...ie, they would want you to pay taxes on that income.

I would say a rent contract and some statements where you cashed her check would work.

Do you not make enough on your own?
pl8er
04-05-2009, 10:40 PM
Are there any other options besides rent you could think of?

I do make enough, but the house is already in my name, our 07 Nitro is as well and our credit card is too. So I just feel like my debt to income is getting to high. Wanted a way to add extra especially being that its a fair amount of money.
bluecar
04-05-2009, 10:43 PM
Are there any other options besides rent you could think of?

I do make enough, but the house is already in my name, our 07 Nitro is as well and our credit card is too. So I just feel like my debt to income is getting to high. Wanted a way to add extra especially being that its a fair amount of money.

Any income you would get appears to be taxable. Personally, I would either wait until her score improved, or get it on your own. It may be worth it in the long run to pay a couple % more in interest to get her on the loan.
pl8er
04-05-2009, 10:44 PM
Any income you would get appears to be taxable. Personally, I would either wait until her score improved, or get it on your own. It may be worth it in the long run to pay a couple % more in interest to get her on the loan.

yeah, i'm sure you're right.

Thanks for the input. I'll just continue as I have.