Credit Scores And Marriage
At first glance, credit scores in relation to marriage may seem like chalk and cheese: two very different things that have absolutely nothing in common. But dig a bit deeper, and you will find that a healthy financial score can not only be a boon for a marriage, it can strengthen the relationship and secure your future as well.
Will Marriage Impact Your Credit Report?
The running joke nowadays is that when you marry someone, you marry their credit scores. Though it is chuckle-worthy, it is far from the truth.
If you are getting married and your partner suffers from a poor credit score, you don’t have to worry about that rubbing off on your personal score. A credit report is a personal, individual record of your financial spending. There is no scope for your partner’s report to be joined with yours. In fact, none of the major credit bureaus collect marriage records, or for that matter any relationship-related records.
What Will Affect Your Score
Marriage will certainly not affect your score; however, if you open a joint account with your partner, which is quite a common habit among couples, that can have a bearing on your personal credit score. The reason being that any account that you have is part of your financial report. The same applies for your partner as well.
When you open a joint account, there are certain things you need to watch for, certain safety measures if you will, to protect your score:
- If you and your partner use the joint account to apply for a loan or mortgage, be prompt with the re-payment. Any lax attitude either by you or your partner can negatively affect your credit score.
- The same principle applies if you have added your child or children as authorized users of your credit card. Any credit they accrue on the card needs to be paid off in time. A word to the wise: late credit card payments are one of the main reasons for a poor credit score.
- Your friends are involved in this as well. They may not be family, but if you cosign a loan with a friend, its repayment will have a bearing on your score.
Your Credit Score Post Marriage
Marriage is a beautiful expression of love and trust. Making smart, mature decisions post-marriage will only ensure that your credit score remains positive and healthy.
It’s never too early, or too late, to fix your credit. Interested in learning more about your credit score? At Action Credit Repair, our experts will provide personalized credit consultation, an audit of your credit history, and offer solutions to all of your credit obstacles. Contact us today to speak with an experienced professional: Call 518-945-2299 or email [email protected].