It’s a common question and one that is often asked too late: Does Marriage Affect Your Credit Score?
Like so many things, the answer is: It depends.
Specifically, it depends on where you live. If you live in a community property state, such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, then the answer is a simple “yes.” Contact your state Attorney General for the specifics of your own situation, for more detail. But the general idea is that community property state statutes hold that you and your spouse’s financial histories are communal; meaning they are considered together in most cases.
If you don’t live in a community property state, then it depends on the type of loan and in some cases the lender. For example, if you and your spouse are looking for a mortgage to buy a house together, you can bet that the bank is going to look into both your financial history and your spouse. The same is true for any kind of joint account, such as checking or savings.
If you or your soon to be spouse are unsure just what shape your credit score is in, the first step is to find out. The only free way to find out your credit history is through AnnualCreditReport.com, finding out your actual score will cost you though.
If you know you or your spouse have some black marks on your credit history, then you may want to take a gander at how to improve your credit score.
Once you’ve got a handle on the current state of your credit, takes steps to avoid ruining your credit in the future.
If you’ve got a debt problem, be sure to know how debt settlement affects your credit score and how debt consolidation services can affect your credit.
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