You may marry for better or for worse, but if your future spouse has a poor credit history it can hurt your credit score. One way you can avoid having your partner’s poor financial standing taint your credit score is by choosing not to combine credit. For example, you can apply for credit or loans separately, that way your spouse’s bad credit will not affect your interest rate or ability to attain credit or a loan. This is especially helpful if your individual income can qualify you for the loan you want.
However, if you do choose to take on your partner’s debt, you run the risk of being turned down for credit cards or loans that you apply for together when you are married. This is especially unfortunate when one partner has a spotless credit history.
For the long haul, it’s important to make improving credit a goal so you can eventually combine your credit. A great place to start rebuilding credit is to pull copies of both credit reports. Each consumer is entitled to a free one each year. Contact annualcreditreport.com or call 1-877-322-8228. Next, it is important to be sure that no inaccuracies exist on your report and if there are dispute them or contact a credit repair services company to assist you. Next sit down and discuss finances frankly and make an action plan. Finally if you find yourself in a financial hole, contacting a reputable credit repair company is a good idea to help get you back on track.