Although it’s a common misconception, you will not have a married couple credit score. The truth is that getting married will not affect your credit. Now and forever, you will each have individual credit scores. What will affect your creditworthiness is what comes after the wedding. Let’s go through some of the common actions taken by newly-married couples and examine how your credit affects it or will be impacted by it.
Combining your money for household bills makes sense. Just be sure that there are no outstanding legal actions against either of you or the funds in this account may be seized to repay one of your debts.
While a spouse can be added to an existing credit card account as an authorized user, only the guarantor’s credit will be affected by account status. If both parties are listed on the account, and responsible for the balance, the account will be reflected on both of their individual credit reports.
Each time you apply for credit, a note is made on your credit record. If you apply for several credit accounts, it may have a negative effect on each applicant’s credit rating.
Like a mortgage, the rate you can get for a car loan will be determined by your credit score and income. If one of you has less than stellar credit, an auto loan can usually be financed in one of your names with one income.
As you begin your life together, it is best to be completely open and honest about your financial situation. Discuss past issues, current debts, if you are a cosigner on any other loans, and if you have given any loans to friends or family. If there are major concerns, you may want to consider having a formal legal agreement that specifies how the existing financial situation will be handled.