How Will Getting Married Affect My Credit Score

Are you wondering how will getting married affect your credit score? Well, you are not the only one with that query.

When you find ‘your perfect one’, there can often be a great deal of information that is not being disclosed. Most couples don’t even discuss money until they are married. This is one reason why so many marriages in today’s era end with a divorce in less than a year.

Often, there are no financial talks about how much debt each individual has on him/her, what their credit card Annual Percentage Rate (APR), savings account or retirement plans amount are, etc.

To help you navigate the world of financials once you tie the knot, we have answered a few questions (or you can say FAQS) regarding what happens to your credit card when you get married. Whether you’re wondering how getting married to your loved one affects your credit score or what marriage means in terms of credit score, this blog will clear all your doubts.

1. What is the purpose of a Credit Score?

In short, your credit score is used by lenders to determine if you’re a worthy candidate to extend credit to. If you have a low credit score, you will be penalized with more fees or higher interest rates. Simultaneously, if you have a high credit score, you will enjoy bonuses and loan easily without any prior difficulties.

To know more about Credit Score and how you can boost your credit score quickly, read this blog.

2. Does getting married affect your credit score?

Now that you have a better understanding of credit scores, let’s find out how your marriage can affect your credit score. When you get married, your credit score stays the same no matter how your life partner is in regard to his/her financial life. The idea that your credit score merges or impacts each other’s credit score is just a myth.

Before you make any financial decisions together, it is always a good idea to seek advice from a loan expert or simply walk in a bank and talk with the manager directly. Keeto is a powerful yet easy website with a mobile-friendly application that provides an easy and curious way to check your credit score from the comfort of your home and it also suggests how you can boost your credit score quickly.

3. Does a joint account affect your credit score?

If we move on to the earlier times, most couples were used to merge their money into a joint account. Ultimately, that meant merging paychecks and recurring income addition to tax refunds into a single bank account.

There are also other drawbacks to a joint bank account that could affect your credit score. If one of you is not good enough with money, he or she may overspend consistently resulting in you not having enough amount of money to pay bills or pay other expenses. Eventually, that can have a negative impact on your credit score.

4. Should you merge your credit accounts?

This question is entirely up to you as a couple. Before making a decision on this niche, we recommend having a thorough conversation with your spouse. It should be based on your credit histories and your payment behaviours. Consolidating your account on the overhand can make your record keeping and joint tax preparation easier. However, any debt accrued will become joint debt and missed payments will pave a negative affect on your credit score.

Coming up to the Conclusion

If you’re counting on your spouse to bring good credit to the wedding (or vice versa), remember that your credit score will always stay individual, regardless of what accounts you join.

If you can, attempt to mention your finances and credit background before you marry to avoid any unwelcome surprises. Attempt to get on an equivalent page about your finances and help one another work on improving your credit score.

Keeto App can help you improve your Credit Score for free. Are you using it to boost your credit score?