Spouse Credit Score
Posted: May 7, 2012
If you are about to get married do you know what your future spouse's credit rating is and do you know how it might affect you and your credit scores?
Will My Bad Credit Affect My Spouse
Just because you get married it won't necessarily affect your credit scores if your new spouse's credit rating is good or bad. The items showing up on your spouse's credit report won't start showing up on your credit report and your credit items won't start showing up on his or her report.
If a wife changes her name then her name will be changed in her credit file and all her past credit history will continue to show up on her credit report.
Neither will your credit scores drop simply because you marry someone with bad credit.
Will My Credit Affect My Spouse
So, when does your spouse's credit affect yours, either good or bad?
Should you and your spouse decide to apply jointly for a credit card, car loan, home mortgage or other type loan, then both your credit scores and credit history will be checked by the potential creditor.
If one or both have bad credit then there is a chance that your application for a loan may be denied. If one of you has credit scores that are sufficient for you to qualify but you need your combined incomes to qualify from an income standpoint then you will more than likely also be denied the loan or mortgage.
Even if the lender is willing to approve the loan you may have to pay a much higher interest rate and fees because one of you have bad credit.
Once you have gotten approved for a joint loan then the debt, payment history and other information about the loan will start showing up in both parties credit history. If the account becomes delinquent then lenders will attempt to collect from both spouses.
If one spouse has bad credit then you have to decide jointly how you are going to apply for credit. If the one with good credit applies and is approved for the credit then it may benefit with lower interest rates and fees. Keep in mind if you eventual separate then the responsibilty for the debt falls to the one whose name is on the loan.
Ideally couples should work to pay off debt and help the person with bad credit improve their credit rating before entering into new debt jointly.
If you are about to get married it is not a bad idea to view your future spouse's credit history and scores before you make the leap, if for no other reason than letting you know what you are about to get yourself into. You may not be able to qualify for that dream home that you thought you were going to have together.
Perhaps approach the subject by saying "Let's look at our credit scores and report so we will know how soon we can purchase a home".
Doesn't mean that love is not going to prevail and that the marriage is going to be called off. But, it does keep one spouse or the other from having unrealistic expectations.
Visit our home page Check Credit Score and review other information on this site to help you understand more about your credit scores and credit report.