Often newlyweds don’t understand how their individual credit scores are impacted when lives are joined. Before entering a marriage, it’s a great idea for couples to openly discuss finances and get on the same page about their individual credit profiles.
It’s important to ditch any delusions about how weddings affect finances. Dallas Morning News reporter, Pamela Yip, says that marriage is as much a financial partnership as it is an emotional one, and you need to go into it with your eyes wide open. We couldn’t agree more.
Commonly, people wonder if their credit reports will get merged when they get married. It may be comforting to know that individual credit scores do not combine when a couple gets married. Spouses will continue to have separate credit reports and credit scores, with each of the bureaus.
However, if a couple opens a joint account or applies for a mortgage or other loan together, both credit records will be reviewed, and individual credit history could have an impact on the approval process. Joint accounts also tie together credit histories. Keeping up on your payments can benefit both individual’s histories, while falling behind may mean losses for both scores and reports.
Avoid credit issues within a marriage by being honest about your payment history.