When you get married, you are sharing your life with that person. Sharing your life could also mean sharing your finances, and some of the headaches that can come with being married with a less than ideal credit score. However, most of these problems are not as big as you may think.
Credit Scores and Marriage
If your partner has a less than perfect credit score or a credit report with multiple negative entries, their financial history will not be combined with yours in any way. A person’s credit score and report are tied to their social security number, and in marriage, your social security number will never change or merge with your spouses.
The Name Change
If a woman replaces her last name with that of her husbands, there will be no change to your credit score or report. If you do change your name, you must report it to the credit bureaus so they can begin to collect the correct financial information. The credit bureaus will add your new name under a list of “aliases” that you have used in the past. When you get married, you will still have the same credit score and report.
Their Poor Credit
Since getting married will not lower your credit score, neither will your spouse’s credit history impact your credit. Even if you hold joint accounts with your spouse, you will still have your own individual and unique credit report and scores.
One of the first things married couples do is create a joint bank account to pay for bills and save for retirement. A spouse’s previous credit activity will not impact yours, but the activity on a joint account can have a large impact.
If you and your spouse open a credit card together, then both of your credit scores will be affected by how the account is managed. If your spouse had less than ideal credit before you got married, then they can rebuild their credit by being added as an authorized user on your credit card account
Marriage is a sacred bond between two people. Getting married won’t alter your credit score and report as much as you may think it will. Before you get married, it’s best to have an open conversation with your spouse about their credit score and report.