Does Getting Married Affect My Credit?

Posted by Erica Steeves on September 28, 2018

Does Getting Married Affect My Credit?

Your Credit Minute Show Notes:

 
  • 00:00                                   Hey, what’s up YouTubers? This is Nick Tsoukales from Key Credit Repair answering your credit question of the day.
  • 00:06                                   So, we have, “Does getting married affect my credit?” Great question.
  • 00:11                                   So, let’s say you’re thinking of tying the knot like, ah, this young man and woman here that just got married. You’ll notice shackles there as well. Okay.
  • 00:20                                   I mean, you’re wondering, “God forbid, I married someone with bad credit, is that gonna affect me? I’ve been working hard my whole life, my credit’s perfect and I marry, you know, Jan or Lisa over here and, and she has, she’s not paying her bills for whatever issue, is it gonna affect me?”
  • 00:33                                   The good news is it’s, it’s not going to. Okay. Ah, your credit report belongs to your social and it’s totally separate from the person you’re married, married with. Okay. And it’s something that’s gonna set in after a certain number of years where everything is merged, it just doesn’t work like that.
  • 00:47                                   The only time you’re gonna share something on your credit report is when both of you have signed for that debt. So, let’s say you’ve been married for 50 years but you’ve always signed for everything individually. You will not, or, or your items will never appear on your wife’s credit report, okay? And vice-versa, okay?
  • 01:02                                   Um, but let’s say you buy a house together and you both sign on those mortgage documents, on that promissory note. That’s the case when, you know, it’s all gonna show up, um, on both of your credit reports. You share that liability, just as if you were co-signing for someone. Both of you are gonna be tied in, um, from a credit perspective at that point.
  • 01:21                                   But keep in mind your credit scores are totally separate, your socials are still totally separate, and even if your tax filing is joint it still doesn’t affect your credit score.
  • 01:29                                   Guys, this is Nick Tsoukales with Key Credit Repair. If you have any questions about how your credit works or you need some assistance with your credit, click on the Learn More button if you’re in Facebook or click on the Free Consultation button if you’re in, ah, YouTube.
  • 01:42                                   Thanks guys, have a great day.