Credit Scores and Marriage: Does it Matter?

You agree to share your life with the person you love when you get married. Is getting married also a sign that you’ll share other aspects of your life, such as your credit score?

Does the credit score of your partner affect yours? Here’s what you need to know about your credit after marriage.

IS YOUR CREDIT SCORE SHARED WITH YOUR SPOUSE AFTER MARRIAGE?

Even after you’ve been married, your credit score still reflects only your personal debt. A credit score is tied to a specific Social Security number. The score doesn’t change when you get married. Only a single person’s credit history is reflected in a credit score. It is your SSN that links your credit history, and it is your spouse’s SSN that links their credit score.

DOES MY SPOUSE’S BAD CREDIT IMPACT MY CREDIT SCORE?

Due to the fact that your spouse’s behavior is tied to their SSN, it won’t affect your credit score. Your debt management is what determines your credit score. A joint account, such as a mortgage, credit card, or auto loan, is an exception to this rule.

Your and your spouse’s financial information is included in a joint account. Your credit reports reflect the fact that both you and your spouse are responsible for repaying the debt. If your spouse forgets to make a payment on a joint debt, this missed payment will reflect on your credit report. If your spouse has asked you to co-sign for a loan, you are now legally responsible for the debt. Your credit report will reflect this.

Getting married doesn’t automatically turn individual accounts into joint ones. Unless they are refinanced or replaced with joint accounts, they remain individual accounts.

HOW DOES CHANGING MY NAME AFFECT MY CREDIT SCORE?

If you change your name after getting married, it won’t affect your credit score. You will continue to have access to your old credit history. Whenever you report your name change to your creditors, they report your information under your new name.

Your credit report may include both your old and new names.

Monitoring your credit score actively can help improve your credit score. You can keep an eye on your credit report for any inaccuracies or suspicious activity that may indicate the onset of identity theft with a credit monitoring service. Monitoring your credit report offers tools that analyze and make recommendations on how to improve your credit.

Is your personal information on the dark web? Make sure your identity isn’t at risk!