What happens if you marry someone with bad credit

Sometimes, realizing that you have a credit card debt problem is the biggest spur to do better, especially if the love of your life is being negatively affected by your actions. Similarly, your credit score will always be yours and yours alone. Even if your spouse has a poor credit score and you have a perfect credit score , the two will never be combined. For example, coming into a marriage with student loans is very common. One common case that pops up is if you want to buy a house with your spouse.

Most people apply jointly for a mortgage, since that way both of your incomes are taken into account when deciding how much house you can potentially afford. You might even be denied entirely. In that case, you might have better luck applying with a lender on your own. Your spouse might receive phone calls or letters at your home in an effort to get them to pay up. In a community property state , both spouses are liable for any debt taken out during the marriage.

Luckily, most other states operate as common law property states, which means that it works like normal. There are two important exceptions to this rule. In that case, you physically signed something or gave your spouse access to that debt, meaning you agree to be responsible for it too. Second, if the debt your spouse took on was for both of your benefits, you may still be liable in some cases.

The laws get a bit murkier here by state, so if you find yourself in these shoes it might be best to consult with an attorney.

So how do you know whether your marriage will be OK? Two words: communication, and commitment. You and your spouse have to commit to each other, and to overcoming these problems. In order to do that, you need open communication, even about tough, shameful, or anger-inducing issues. Some couples never commingle their bank accounts or have a joint credit card, so their partner has no way of finding out what their financial situation is.

Bad credit is an important indicator of how well someone manages their money and how they tend to make financial decisions. For example, if you want to take out a mortgage, the lender will use both of your credit scores and offer a mortgage either based on the lower of the two or the average. A partner with a low score may preclude you from getting approved for a mortgage or may force you to pay a higher interest rate than if you applied by yourself. When a married couple has a partner with a bad credit score, the other person may decide to apply for a mortgage by themselves to get a better rate.

That may seem like a good idea, except if the couple gets divorced. Then the person who is not on the mortgage title can simply walk away from the loan even if they had originally been helping with payments. The issue could go the other way too, of course. With the person who holds the mortgage title having all rights to the home in the case of divorce.

Landlords often run credit checks for everyone who will be living in the apartment, and if one person has a bad credit score, both people may be denied. Another example could be if your spouse tries to apply for a utility provider and they have bad credit, the company may ask that they put down a deposit. Basically, while your spouse having worse credit than you isn't necessarily a dealbreaker, it could make the life you're trying to build together much more costly, or force you to postpone major purchases until your spouse can improve their credit.

The latter means you have a low credit score or some negative marks, like a bankruptcy or default judgment, on your credit. Having no credit can be a frustrating experience. To start creating a credit report, you need to open a credit card or loan.

If your spouse has no credit, you can have them take out a credit builder loan or a secured credit card to start building their credit. These products are designed for people with bad credit or no credit to help them restore or start a credit report. Have them learn what makes a good credit user, how to make payments on time every month and how not to use too much of their available credit.

If your spouse learns to use a credit product responsibly, they may go from no credit to great credit in a few months. Getting married may only increase the odds of getting approved for a loan because you may have a larger income to qualify with.

Debt acquired prior to marriage remains tied to that individual. For example, if you buy a house by yourself and then get married, the mortgage is still legally yours. But if you refinance the loan and add your partner to that loan, then the mortgage belongs to both of you.

If you marry someone who has student loans, the loans remain theirs even after marriage. Requesting a free copy of your credit report has no impact on your spouse, and vice versa. He or she would need to file their own dispute. This is my second marriage.

Having my maiden name and both my married names on my credit reports may impact my credit scores. Married couples are not required to apply for credit jointly. You can still apply for individual accounts without your spouse co-signing or being otherwise involved.

If one partner has higher credit scores, applying individually — not jointly — for an account may be one option. Sign up today! Facts: Marriage and Credit. Knowledge Center. Myths vs.