RSSI have good credit, my fiance has bad credit, how will out credit score be when we get married?
August 31st, 2010 by admin | Filed under Good Bad Credit Score.
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Good Bad Credit Score
What is the difference between a good and bad credit score?
marriage won’t change your credit scores.
you will still have your individual scores.
your credit have nutting to do with his
Credit is based individually, work with your fiance on improving his credit score, otherwise property and loans and whatnot will likely be under your name only as you’ll be the only person qualified for such benefits.
Scores stay the same. Just be careful about getting any joint accounts unless he has proven to be responsible.
Your credit scores will still remain the same even though you get married because you each hold individual accounts. Once you obtain a joint account then your scores will be changed but you will still each hold different individual scores.
only affects u if u guys have a join account..
Your individual scores will remain the same. However, keep in mind that if you apply for new credit jointly, you could have difficulty getting qualified for a loan because of his low scores. For example, on a typical conforming mortgage application, the scores of each applicant are reviewed, but the lower of the middle scores is used to determine your interest rate. (For mortgage purposes, 3 credit bureaus are pulled for each applicant. The middle of those 3 scores is the score used for underwriting. Then the lower of the two middle scores determines rates and program eligibility.) So even though his poor payment history will not affect your individual scores, you could end up paying higher rates if you apply for joint credit. Do your best to help him clean up his credit and I think you should take care of the bills once you are married : – )
Your individual scores will not be effected by marriage.
The only way the you would be effected would be if you two applied for joint credit, then you would pay a higher interest rate due to your husbands low scores. The only other way would be if you added him as a authorized user to one of your good credit card accounts that has a good/long pay history. Then it would help his score after your good/long pay history shows up on his bureau.
As long as you do not apply for joint credit, your scores will not be effected.
Each persons credit history is their own. Now, with that being said…you two need to work together to repair his credit! I’m going to suggest a site that can help you two
http://www.thecreditrepairmanual.com
My wife and I rebuilt my credit and I have to tell you it has made us a stronger team! We protect our credit and work together on everything.
Best of luck,
You will keep your good credit, while he will keep his bad credit (until you can help teach him to build up his scores). My credit is good, my husband’s is bad. For this reason, we always keep our finances separate……separate loans, checking accounts, savings, credit cards, etc. There have been a couple small loans that we have signed for together because my good credit helped him get a better loan at a better rate. BUT…..beware of doing this because if he doesn’t pay the loan, or is late etc. this will negatively affect YOUR credit and bring it down. I’ve learned the hard way to keep everything between us financially separate. His accounts are his accounts. My accounts are my accounts. It’s just better that way because we are so different in budgeting. In such cases as a mortgage however……you would both benefit with a better mortgage and higher approval rate if you show both of your incomes. Your good credit will help balance out his bad credit, and with the higher income total you may be able to purchase more of a home.