Miguel and Shonda are married and applying for a loan. They have similar salaries. Before they got married, Miguel had some medical issues and was out of work for a few months. He got a behind on some of his loan payments but has now caught up. What can Miguel do to raise his credit score?

Question

Miguel and Shonda are married and applying for a loan. They have similar salaries. Before they got married, Miguel had some medical issues and was out of work for a few months. He got a behind on some of his loan payments but has now caught up. What can Miguel do to raise his credit score?

• Nothing-he should count on Shonda's credit for the best terms.
• He should borrow more money to demonstrate he can pay it back.
• He should explain that Shonda's score is good so his is less important.
• Continuing to pay down his debt on time will gradually raise his score.

Answer 1

Continuing to pay down his debt on time will gradually raise his score. Miguel can also take steps such as monitoring his credit report for any errors, keeping his credit card balances low, and avoiding opening unnecessary new lines of credit. These actions can help improve his credit score over time. He should not rely solely on Shonda's credit for the best terms, as having a strong credit score of his own can benefit them both in the long run.