Is it wrong for me to disagree with how my husband wants to build his credit?

Okay we have 3 girls under the age of 4. Only one person working outside of the house. We get disability for the twins we have because they were born premature. Which adds up to 1300 a month. Husband makes 1200 a month. Combined it is 2500 a month. He has bad credit. He wants to take our tax return & pay off his remaining hospital bills then get a 5000 car so he can pay off the car in a year. We already have a van we have to pay 300 for a month. Plus 90 for insurance. So that will make our bills even more considering he will be paying 200-300 a month for his car plus insurance. He says he doesn’t want to buy a car straight up because it wouldn’t have a warranty on it. But most warrantys only last a year anyway. Even if they do they don’t cover everything. I liked his first idea of getting a 2500-3000 car paid off so he can drive it to work instead of our gas guzzling van (even though he wants to get a gaz guzzler anyway). Is there any other way he can rebuild his credit? He is paying off his hospital bills. He has bills in his name. If you add in that the 3 girls we have are still in diapers plus baby food because the twins are developmentally delayed & can’t eat solids well yet. Food for ourselves & the electricity bill (400) which has gone up this year because of the economy(was 100-200). Not to mention our rent (400) & cell phone (150). I just don’t think it’s a good idea for him to go about rebuilding his credit by this route & potentially destorying mine any further than he has. How can he rebuild his credit?
he also has a bad driving record so to add him to my insurance would cause mine to skyrocket. We tried to add him in the past. I understand you get a discount for adding double cars but he isn’t on my insurance. He would have to get his own car insurance.

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  1. honeybee72781, April 12, 2014 7:08 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    You get discounts for multi vehicles on an insurance policy. and if he only got a $ 5000 car, and he got the loan for 5 years, that would only be about $ 100/month. I don’t think it’s a bad idea for him to do it. You’ll also have the money that you’d normally spend on the hospital bills that you can use to pay for the car. but it’s ultimately you and his decision.

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  2. JayJay, April 12, 2014 8:05 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    a car really won’t do anything for his credit..its the revolving credit that makes or breaks your credit report.

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  3. rie, April 12, 2014 8:47 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    There are som many things to consider,but only a professional can help you.Try reading Suzie Orman’s books.

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  4. Fairydogmother, April 12, 2014 8:48 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    IF you’re in a community property state, your credit is lumped with his, so they both are in trouble. Getting further in debt is not a good way to get credit built up! Can he carpool to work? Bus?

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  5. Kristen B, April 12, 2014 9:10 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    In my opinion I think what you have right now is fine. Put that tax refund in savings for now and make a compromise – in 6 months…he can get another car but he has to put $ 100 into savings every month. Wait 6 months and see where things are at that point. As long as he is making his payments on time – it will build his credit. Or you can file bankruptcy and start over!

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  6. ♥Just LiL'O Me♫™, April 12, 2014 10:09 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    Post this is finance section. You will get better answers.

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  7. advice guru and mom, April 12, 2014 11:05 am - Is it wrong for me to disagree with how my husband wants to build his credit?

    Okay with the current market the way it is and car loans the way they are many with the option that if you loose your job in you can return it no penalties…. I would say trade in the van for a new one so you have that return with no penalties option.

    with 3 girls you really do not need a van which are gas hogs compare to like a ford focus wagon. which you could ride around all week on one tank of gas.

    Forget the Hospital bills I am a nurse and I can tell you hospital bills will not hurt his credit rating enough to stop him from buying a car.cave that money for economy emergencies pay it when economy is more stable…

    Ditch the cell phones and save 150 a month get a house phone for 30 a month and give your husband a roll of quarters to call home. If you are home with 3 kids and he is at work he can call you from there and you will be home if not call can wait.

    buy a cheap used car for you to run around town in used car dealers are giving them away cause they can not move them. pay cash with your tax return.

    good luck I am a budgeter with 4 kids 17, 15 , 14 and 11

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  8. openminded, April 12, 2014 12:01 pm - Is it wrong for me to disagree with how my husband wants to build his credit?

    And this is why we keep what we make in our own accounts. We both work and have a house, food and nessesities accound we both put into and the rest is our to do with as we wish. We dont have credit cards togehter. I have done it your way it an doenst work. Money is the number 1 thing couple fight about. You wont find us fighting over cash!!! Doing it your way cause so many un nessassary fights.

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