Consolidating debt affects credit
But even though your credit may be golden, it can be tough to apply for credit jointly since your spouse's credit will also be considered. If you need both paychecks to qualify for the mortgage, the lender will look at both credit profiles.And unfortunately, they will use your spouses credit score as the primary in underwriting your loan.Once you get married, it is also imperative that each of you have your own separate checking accounts and credit cards.This way you will be able to sustain your own active credit record.However, if you decide to take out a loan with your spouse, all payment history from then on will be recorded on both credit reports.When creditors generate reports, they are required by law to report information on a joint account in both of the account holders' names.
Use credit wisely and use new car loans to work for you by refinancing to turn the equity that is in your vehicle to cash.
If a person is unable to demonstrate an ability to repay debt, his or her request for a loan will be denied.
Married couples generally maintain two separate credit records and histories.
A person's income and availability of assets also affects the credit rating or score he or she receives.
When an individual wishes to secure a mortgage or car loan, he or she must have a sufficient credit rating.
Hello, It’s not the act of marriage but how you deal with the assets after you are married that could potentially affect your credit score. As long as you two have separate accounts, one person’s bad credit history will not affect the other spouse’s good credit score. If you have a good immunity & keep a good personal hygiene, not to touch everything the sick kid touches, you may be fine. The minute you comingle your assets, such as having a joint account or applying a joint credit card, you may risk your stellar credit history being tainted if the other spouse misses another payment. Marrying some with bad credit won't affect your personal credit score but it could have an impact in other ways.