Getting married is a big decision. There are so many different things to think about before you get married:
- Will you have a big wedding?
- Or, will you get married at a court house?
- Do you know all financial-related information about your significant other? This can include how much debt they have, their credit score, and so on.
- Will you have children together?
- Where will you live?
- What are your views on retirement?
- And the list literally goes on forever!
One thing that you may not have thought about is how marriage might affect your credit score. Or, does it affect your credit score at all?
There are many things that you should know about marriage and how it affects your credit score. There are also many myths out there, and it can be a doozy to figure out what is real and what is not.
Below are three myths that pertain to marriage and how it affects your credit score:
1. If you change your last name then you are starting all over.
This is a myth I’ve heard a lot. Just because you get married doesn’t mean that you will start from scratch. This is because your credit history is connected to your social security number.
Your credit score and credit history will continue on as usual, but there may be some mistakes because of the last name change. When you are in the process of changing your last name you should regularly check your credit report so that you can check for any errors on inaccurate information.
2. Your credit score merges when you get married.
Just because you get married doesn’t mean that your credit scores automatically become one. Your credit scores are still separate. However, if you want to buy something together, such as a home, then both of your credit scores and histories will be looked at, and the home (or whatever else you end up buying) will end up on both of your credit histories.
3. Nothing will affect your credit score.
Even though your credit scores don’t merge, your spouses bad credit score and unfavorable credit history can still affect you. This is if you are a co-owner on a loan account and your spouse is responsible for paying it, yet they never pay it. You should always be careful with join accounts and make sure everyone is on the same page.
What myths have you heard about marriage and credit scores?
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Image via Flickr by lel4nd
