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Marrying Someone With Bad Credit

Bad credit - it's the grown-up, modern day version of the timeless boogeyman, and unless you have huge piles of cash lying around, it's important to just about any large purchase you might make. Unfortunately, it's distressingly easy to ruin your credit score, and repairing it is often a slow and arduous process.

Have the Conversation Before the Wedding

Even if your own credit rating is impeccable, what about your main squeeze? Not many people would consider credit scores to be a good topic for intimate, romantic conversation, but marrying someone with bad credit can have some unwanted consequences. You probably shouldn't bring it up on the first date, but you shouldn't ignore it either. You definitely want to know what you're getting into. A bad credit score means higher mortgage payments and higher car payments, and it may even make getting a loan impossible.

Good News for the Financially Savvy

So your beloved has a dismal credit score. All is not lost; credit reporting is done on an individual basis. That means that your past credit history will never be merged with your spouse's. You still have the same social security numbers, and that ten-year-old bankruptcy is not going to suddenly show up on your personal credit report. And since you obviously have a better knack for keeping a good score, perhaps you can even help your spouse repair his or her own.

Your credit scores remain separate even after marriage, so you can still keep it safe. If your lover is really that irresponsible, you may want to keep the bulk of your finances separate. It's best that you both keep your own checking accounts and credit cards anyway, just to keep a credit history going.

You do have to be careful, however, with any sort of joint accounts or loans. Any payments made on a joint loan will be recorded on both partners' reports. Unfortunately, there may not be any way to avoid joint status in some cases, especially for big loans like a mortgage.

Now, your partner's bad score may bring higher interest rates or even outright rejection, but not always. If you're planning to apply for a joint loan at some point, some damage control is a good idea. Pay all of the bills on time, even if it's just the minimum. Ideally, you shouldn't keep a balance on the credit cards at all. Making minimum payments isn't going to improve that score very quickly, but at least it will keep it from dropping any further.

For Help, Contact Advantage CCS

If your potential spouse's credit problems are leading to relationship problems, you may want to contact Advantage CCS for more information on Debt Management. Our counselors can help put your partner on the road to financial success, and can help set your mind at ease as you plan your big day.