Getting Married! Question about credit scores..

[AustinInDallas]

So Im getting married at the end of this month and I have "excellent" credit and she has "poor" credit.
I have heard hear-say about when you join accounts your credit effect each other (they actually used the term merge, which made me doubt it).

Is there any true to this? and what have other people done with money and accounts (also credit cards) when they got married?

 

[nickbits]

It will do nothing if you have no joint accounts. Your credit score isn't going to magically average with hers. Don't add yourself as a joint owner to any bad accounts she has and it shouldn't matter much. Adding her to your good accounts will help her score.

 

[Cuda1447]

All that happens is if you are on accounts together, what happens on those accounts is counted on both your credits. But if you get a joint account it doesn't cause your score to go up or down... it just means your liable for that account now and your credit will be affected in turn.

 

[nickbits]

It new joint account won't affect the score but it will likely affect the terms of the account. It will affect the score in the long run like any other account.

 

[jagec]

Your credit score is YOUR credit score...in other words, a measure of how responsible you've been with lines of credit extended to you.

Now, you can "game the system" by adding her as an authorized user to one of your accounts...it won't affect your credit history/score, but it will place a (presumably old and in good standing) account on HER credit history, which will probably boost her score while she waits for the old stuff to fall off.

 

[AustinInDallas]

good advice

 

[Baked]

Don't even think about having a joint account with her. She's gonna ruin your life and suck you dry.

 

[boomhower]

Don't even think about having a joint account with her. She's gonna ruin your life and suck you dry.

Her bad credit history won't immediately hurt your score. Adding her to your cards won't hurt your score. Getting joint accounts won't hurt your score but will result in less than ideal terms. Unless you start defaulting or making late payments on your accounts your score will be fine. There is no "merging" of accounts or scores.

 

[randomrogue]

You're marrying a woman with bad credit? She's damaged goods. Throw her back. We can't be having any of these woman breeding.

When applying for a joint account won't you have to pay higher interest rates?

 

[MagickMan]

Don't even think about having a joint account with her. She's gonna ruin your life and suck you dry.

Pics of the deep, black hole of despair you live in? It must make the Grand Canyon look like a crack in the sidewalk.

You're marrying a woman with bad credit? She's damaged goods. Throw her back. We can't be having any of these woman breeding.

I can never tell when you're joking. Sometimes people have bad credit because they've simply never bought anything with credit.

 

[randomrogue]

I was joking. Sometimes it's hard to convey with text.

Although I have to admit that if I was buying a home I'd be concerned since I thought it would lead to higher interest rates.

 

[jaedaliu]

We have no clue what my wife's credit score is. It's probably not bad, but since getting married, we successfully passed background checks for rental housing twice with just my history and score. We have also obtained 2 credit cards on my credit, then I added her to them.

I guess when it comes to buying a house (if it's one that I can't qualify for a loan with just my income) we'll take a look at her score then. Until then, everything's fine.

 

[Vdubchaos]

Assuming her credit sucks due to being late or not paying......

Address the credit problem NOW (before you get married). Although it will not effect your credit score, there is # of reason why you should do it prior to this big commitment.

a) it will give you a chance/glimpse on how you 2 will deal with serious issues
b) you will be ready for big purchase (house etc)
c) there will be less risk/chance of your credit being effected by her ways when/if you do get an account together.
d) if she is not willing to work on it/address Debt issue or even feel obligated to do so.....that's a GREAT sign for you right there prior to marriage!!!

Remember, once you get married HER DEBT IS YOUR DEBT!!! If you don't address this issue NOW, it will/might spill onto you and next thing you know..... YOUR credit sucks.....and worse case scenario you end up with HER debt.

If she simply has NO credit, that's a totally different problem that you don't have to worry about AT ALL. Building good credit is easy (I've done it for my wife, she now has a better score than me!)

 

[highland145]

^^^
Most of that.

I didn't have any joint accounts with my wife until I checked her credit. Prudent, IMO.

 

[AustinInDallas]

Assuming her credit sucks due to being late or not paying......

Address the credit problem NOW (before you get married). Although it will not effect your credit score, there is # of reason why you should do it prior to this big commitment.

a) it will give you a chance/glimpse on how you 2 will deal with serious issues
b) you will be ready for big purchase (house etc)
c) there will be less risk/chance of your credit being effected by her ways when/if you do get an account together.
d) if she is not willing to work on it/address Debt issue or even feel obligated to do so.....that's a GREAT sign for you right there prior to marriage!!!

Remember, once you get married HER DEBT IS YOUR DEBT!!! If you don't address this issue NOW, it will/might spill onto you and next thing you know..... YOUR credit sucks.....and worse case scenario you end up with HER debt.

If she simply has NO credit, that's a totally different problem that you don't have to worry about AT ALL. Building good credit is easy (I've done it for my wife, she now has a better score than me!)

she does have several accounts that went into collections, but that was almost 7 years ago. So it should fall off her credit scores soon....correct?

 

[highland145]

she does have several accounts that went into collections, but that was almost 7 years ago. So it should fall off her credit scores soon....correct?

yes. She can contact the bureaus after the 7 and request it.

 

[DrunkenSano]

Be very careful about creating any joint accounts with her. Creating one won't affect your credit rating immediately but over time, if she has the same money managing problems and has those problems in the joint account, it will affect your credit rating.

 

[el-Capitan]

If she simply has NO credit, that's a totally different problem that you don't have to worry about AT ALL. Building good credit is easy (I've done it for my wife, she now has a better score than me!)

No it's not.

I moved to the US 5 years ago, and am still struggling. "You dont have sufficient long-term credit history". I have a score of >750 and got turned down for every. single. card. that Citibank offers. Branch manager said he had to make some calls to get me on the 'Simplicity Card' which is aimed for teens...

 

[kranky]

No it's not.

I moved to the US 5 years ago, and am still struggling. "You dont have sufficient long-term credit history". I have a score of >750 and got turned down for every. single. card. that Citibank offers. Branch manager said he had to make some calls to get me on the 'Simplicity Card' which is aimed for teens...

I bet if you banked at a credit union you'd be approved. Why do you stick with them when they aren't meeting your needs?

 

[el-Capitan]

I bet if you banked at a credit union you'd be approved. Why do you stick with them when they aren't meeting your needs?

Yeah, after the second reject (and subsequent entry into my history as an inquiry) I did tell them that I'll move, taking 10 years relationship (US+UK) and good amounts of cash with me. They blame it on the fact that CitiCards is an entirely different entity.

 

[DrunkenSano]

They can blame it on anything they want but you should just tell them you don't care. You are the customer, don't play their stupid games.

 

[el-Capitan]

They can blame it on anything they want but you should just tell them you don't care. You are the customer, don't play their stupid games.

It's BS. All banking is. They fool you the whole time, skim you with fees and interest while saying they are "getting even better" "all for the customer" and "convenience".

I still have my bank in germany. If i need a transfer or anything I call him up or write him an email. No automated telephones, no passcodes, no problem.

 

[Vdubchaos]

she does have several accounts that went into collections, but that was almost 7 years ago. So it should fall off her credit scores soon....correct?

Fact that she doesn't feel obligated to pay it back is what's important....not when it "falls off the credit scores".

If someone borrowed money from you, would you want it back?

It's a moral thing...

 

[Vdubchaos]

No it's not.

I moved to the US 5 years ago, and am still struggling. "You dont have sufficient long-term credit history". I have a score of >750 and got turned down for every. single. card. that Citibank offers. Branch manager said he had to make some calls to get me on the 'Simplicity Card' which is aimed for teens...

You are still young.....

750 is a great score BUT it doesn't mean you will get ANY credit you want. Lot of it is still based on Income/Debt ratio....age/history of credit.

Give it another 5 years or so and you will have no problems at all.

 

[jaedaliu]

Fact that she doesn't feel obligated to pay it back is what's important....not when it "falls off the credit scores".

If someone borrowed money from you, would you want it back?

It's a moral thing...

where has it been said that she hasn't paid it back? you're making assumptions here.

Just like I am:
I assume that OP knows his soon to be wife well. I assume that he knows the full extent of her credit woes. I also assume he knows how to handle his own finances.

All that said, once the collections n'stuff fall off (and no new delinquencies since then) you guys are golden. Doesn't sound like anything you need to worry about.