How Does my Spouse’s Credit Affect Mine

March 1, 2018

Getting married is such an exciting time! From wedding planning to the big day and your honeymoon, there is so much to look forward to. But, what happens after you’re officially married? Of course, there are the typical aspects, such as moving in together (if you haven’t already) and getting used to both of your lives fully merging together…including your finances! Something to consider is how your spouse’s credit score may or may not affect your own, especially if plans are in place to make major purchases like a home. Let’s take a look to see how getting married may have an impact on this aspect.

If you get a joint account…once you set up a joint account together, be ready for an impact on your own credit score. If your spouse has had and continues to have a great credit history, you are in the clear. While your spouse’s credit history prior to marriage will not impact you, if your spouse begins to have a rough patch after walking down the aisle, it could be a problem. Now would be a good time to sit with a financial advisor or your accountant to create a financial plan to ensure that your financial future looks bright.
If you are thinking of buying a home….when it comes to buying your first home together, you are most likely going to have to apply for a mortgage. This means lenders are going to be looking at both of your financial histories. Now, this doesn’t have a direct impact on your own credit score exactly, but your spouse’s credit score will have a big impact on whether you get approved for your requested loan. Another great reason to look into ways to improve both of your scores prior to scanning Zillow.
Changing your last name…a big misconception when it comes to changing your name after marriage is that any of your previous credit history will be erased, but sorry…nice try. Once you legally change your name, your creditors will be alerted and your new name will be applied to your history as an alias.

So, realistically, your credit score will not take a major hit once you are married…or at least it won’t take a direct hit. Nevertheless, it’s always a good idea for both of you to stay on top of your finances and start financial planning for your future.