Marrying Less Then Perfect Credit
Are you thinking about settling down and popping the question to your long-time partner, but are concerned about adopting their less then perfect credit after marriage? Did you know, that you don’t actually adopt your partners credit, and continue to own your personal credit report that you started with before marriage? ?
If you have heard someone say that their credit was destroyed after marriage, there is probably more behind the story then you think.
What this means for you..
While you don’t adopt your spouses credit, if you do however decide to apply for joint accounts (mortgage loan, auto loan, credit cards, etc) then those accounts WILL appear on both you and your partners credit report.
Also keep in mind, co-applying on accounts where 1 is the owner, and the other is the co-applicant is never a safe decision. Lets say you agreed to co-sign on your partners unsecured bank loan, and they’re behind a couple months of payments…Those late payments are now not only reporting negative on their credit, but holding your credit accountable as well.
We’re not saying prepare for divorce… but it is always best to keep finances and credit separate from your spouse to avoid any sort of foreseeable credit issues.
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