Elizabeth Carlassare
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Darryl in Florida emailed me this question:
"If I marry someone with a very poor credit history and mine is very good, will it change my credit rating?"
Thanks for the question, Darryl!
So what happens if you marry someone with a lower credit score? Does your credit report mix and mingle with theirs and give birth to a new report that contains your and your spouse's best and worst credit traits? Will your credit score go down if you marry them? Will their credit score go up? What happens? Everyone Has Their Own Credit Score If the woman or man of your dreams has a significantly lower credit score than yours, there's no need to panic! You don't necessarily need to call off the wedding and it won't necessarily affect your score. Your Spouse's Poor Credit Can Affect Joint Loans Each person has his or her own separate credit record and credit bureaus don't mix two credit histories together when people get married. However, if you apply for a loan together with your spouse, you may find it harder to get approved because of your spouse's lower credit score. And if it's a big loan, such as a mortgage, and you decide to apply for it alone so that your spouse's credit history isn't considered, you may discover that you can't qualify for it on just one income. Talk Through Your Financial Goals Before the Marriage Before getting married, it's really important to talk about finances and understand your significant other's credit history and attitudes about money. Agreeing on your financial goals will help keep your finances and your relationship on solid ground when you're married.
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