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Advice on Getting Married and Credit Implications - The Bills.com Blog
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Advice on Getting Married and Credit Implications
Question: I just got engaged, and my boyfriend has great credit-I on the other don't. If we get married, how will this affect his credit?
Answer: You don’t need to worry about your boyfriend's credit going bad because of yours. The only time your credit would be reported jointly would be if you applied for joint credit in the future. Even then a credit report would still identify those credititems that you were solely responsible for and those that he was responsible for.
You will each continue to have your own credit file. If you apply for loans/credit as an individual, they will only look at your credit record. If you apply jointly for a loan as co-borrowers, they will look at both your reports, but they would do the same thing if you weren't married and applying for a joint loan.
Generally speaking, simply marrying a person with a poor credit history will not damage the spouse's credit. The only way that I
can foresee your poor credit affecting your boyfriend's credit is if you added him as an authorized user on any of your accounts with a less-than-perfect payment history. If you add him to any of your accounts with a delinquent payment history, these accounts could appear on his credit report, thereby damaging his credit score.
On the other hand, your boyfriend may be able to help you improve your credit score by adding you as an authorized user on some of his credit card accounts, or by co-signing on a small loan with you,
such as an unsecured personal loan. He can use his good credit to help you establish new credit lines, which should have a positive influence on your credit score.
If you would like to find out more about credit, credit scoring, and ways to improve your credit, I encourage you to visit the Credit Solutions and Resources page at Bills.com.
I hope this information helps you Find. Learn. Save.
Best,
Bill
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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