DOES “TYING THE KNOT” TIE YOUR CREDIT?

There are many misconceptions pertaining merging credit reports and descending credit
scores. Fortunately, these are myths and myths only. If you are planning to “tie the knot” I am
sure many questions have been on your mind. Covering these concerns now will put your mind
at ease so you can enjoy your marriage!

Will my spouse’s poor credit affect mine?

Your spouse’s credit history fortunately has no influence on your credit profile. Only when
opening a joint account will any information be shared on both of your accounts. Buying your
home as a couple will be a significant event. Work together on improving your spouse’s credit.
The negative information of the credit report could affect your mortgage rate.

Will we merge credit reports when we get married?

Everyone is born with individual social security numbers. After you get married, that will stay
the same as well. Credit reports are generated off of your individual social security number.
Your spouse’s credit information will not appear on your credit report.

If I change my name, will my credit history be erased?

Since your social security number is the controlling factor of your report, your maiden name and
married name will both appear on your credit report. You may notice a few inaccuracies in your
report since you will notify your creditors of your name change. Check your credit frequently
and be aware of any changes.

Will our loans and credit accounts automatically become joint accounts?

Marriage does not automatically unite your accounts. If you have an account open before your
walk down the aisle, you will stay responsible for repaying the loan. If you wish to change any
of your individual accounts to joint accounts, contact the lender on the account. This will cause
for the information to appear on both accounts.

Will a joint account affect our credit scores?

When applying jointly for a loan, whether for a home or car loan, your lender will examine both
of your credit reports before being approved. The lender will take into consideration both of
your reports. How well you stay up to date on your finances affects any interest rates.
Sit down and discuss your finances before you get married. It is important to ensure your goals
in life as husband and wife. Discussing these issues before marriage will prevent any issues in
the future.

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