When you’re in love and contemplating marriage, it’s likely that the last thing on your mind is your sweetheart’s credit score rating. Most couples come into a marriage believing that love can conquer anything, but if you have good credit score sense, you’ll realize that joining forces with someone who doesn’t might not bode well for your future. It has been said that when you marry someone, you marry that person’s whole family, and while that may be true, it may concern you more to learn that you also marry his or her credit score rating. So how much does your spouse’s credit score rating affect you?
The answer depends on how you manage your accounts together. Each person’s credit score is figured separately, and is an evaluation of the person’s credit worthiness, based on his or her history of borrowing money and repaying debts. If you have a poor credit score rating, it may prevent you from securing a loan for a house or a car, or taking out a line of credit. However, since each person’s credit score is based on their individual experiences, as long as you keep your accounts separate, your spouse’s score should not have much of an impact on you.
The problem occurs when you try to make a major purchase together, as a couple. It may be a car, or a house, or a loan for some large expenditure like home improvement. If you’re both signing the application, the credit score rating for both people will factor into whether you get the funding and a favorable interest rate. If one of you has a poor credit score rating, you’ll both be penalized.
So, should you discuss your credit score before you say, “I do”? It’s probably a good idea. Finances can put a strain on a relationship, and it’s best to know where you stand, before a problem arises. Even if you never intend to share a bank account or take out a loan together, you should know your future spouse’s financial habits, so you don’t run into any nasty surprises down the road.
Of course, you or your spouse may not know your own credit score rating. Fortunately, you are entitled to one free credit score report each year, from each of the three credit bureaus. While you’re discussing things like how many children you’ll have, where you’ll live, and how many relatives to invite to the ceremony, you might also want to get your free credit scores, and check them out together.
If you are not sure how to go about getting your free credit scores, ScoreSense.com can help. In addition to retrieving your free credit score report for you, ScoreSense monitors your credit, and reports any suspicious activity, to help protect you from identity theft. For more information, or if you’d like more helpful tips like those found in this article, visit our website at http://www.scoresense.com or follow us on Facebook, Twitter, and YouTube.