How Marriage Impacts Your Credit

Getting married allows couples to make a lot of financial decisions together. From buying a car, house or simply deciding where to go out for dinner, spending money and making financial decisions together is part of marriage.

Just getting married, however, doesn’t affect your individual credit score. Your credit score will be affected in some ways after marriage, which we’ll detail below, but simply getting married doesn’t impact it.

While your spending decisions may be mutual, the effects on your credit scores — even for a joint credit card account in both of your names — won’t be felt on a joint score. Why? Because there is no joint credit score when you’re married.

If you make a lot of late payments on a joint credit card bill, for example, then it could hurt your individual credit scores.

You’ll still have separate scores

If you have poor credit and your spouse has excellent credit, it doesn’t mean that your spouse’s credit score will drop.

You each have your own credit score and credit history before getting married and those will continue during marriage. Your spouse’s past credit history doesn’t affect your credit score either.

Credit reports are keyed off an individual Social Security number. Social Security numbers don’t merge in a marriage and neither do credit histories.

It’s unlikely that spouses will have the same credit score and credit history. Even with joint accounts, each person will have their own credit score.

If both people are listed on a joint account for a credit card, each person’s credit score will be affected by how the account is used and the information from that joint account will be shared on both people’s credit reports.

You won’t automatically become a joint user on your spouse’s credit accounts. If you want to be added to your spouse’s credit cards, your spouse will have to contact the creditor and ask to add you.

Your combined scores matter

Even though each spouse has their own credit score, your scores will be looked at together by creditors when applying for credit.

Let’s say you want to buy a house. Mortgage lenders will check both of your credit scores when considering your loan application. If you have a poor credit score a lender will likely offer you a higher interest rate, even if your spouse has excellent credit.

If she can qualify for the home loan on her income only, then she could buy the house on her own with her excellent credit score. However, two incomes are often needed to afford a home, so you may want to spend some time improving your credit score before buying a home.

Changing your name in marriage

Changing your last name when getting married won’t erase the credit score you earned up to this point. A new name doesn’t mean you’re starting from scratch with a credit history.

If you’re changing your name, you’ll need to notify your creditors of your new name so they can update their files and ultimately alert credit reporting agencies. You should also use your new name if you open new credit accounts while married, including a new joint account or being added to your spouse’s account as a joint holder.

As lenders receive your new name and update their accounts, your credit reports will be updated with this information.

If a lender seeks your credit report and your new name isn’t yet on the report, the lender will still be able to access your credit report by matching other identifying information about you.

All of your previous names will continue to be listed on your credit report after your new name is reported.

Whatever you decide to buy together as a married couple, know that if it includes going into debt for it, both of your credit scores will be affected. Your actions affect the credit of someone you love, along with many other things that come with a marriage.