How Can Marriage Impact Your Credit?

Marriage means what’s yours is mine—but does that include credit scores?

When you get married, you have to learn to share. You share joys and sorrows. You share chores and responsibilities. You might even share a bathroom. The one thing you don’t have to worry about sharing is your credit; turns out there’s no such thing as a married credit score.

But just because your credit scores stay separate after marriage doesn’t mean being married can’t affect your credit at all. If you’re on the verge of tying the knot and wondering about marriage and credit scores, read on to find the answers to some of your most-asked questions:

Does getting married affect your credit score?

The short answer is no, getting married does not affect your credit score—at least not directly. Every individual has their own credit report, which contains only the credit history reported in their own name, even after marriage. Married couples don’t share credit scores, and marital status is not included in your credit report.

That being said, you might make choices as part of a married couple that do affect your credit score. If you open joint credit accounts or co-sign a mortgage or other loan, any activity on the joint account could impact the credit of both spouses. For instance, if your spouse is responsible for paying down a joint credit balance each month and they accidentally make a late payment, you both might see a ding to your credit score. On the flip side, if you both commit to making payments on joint accounts on-time, both credit scores might improve.

Your individual credit activity can also affect your options as a married couple. If one or both of you misses a payment on an individual account, it may impact your ability to open a shared line of credit in the future.

What happens if you marry someone with bad credit?

If you’re worried that your spouse’s poor credit might drag down your own score, rest assured. Marrying someone with bad credit will not directly impact your credit score. Again, your individual credit scores remain separate regardless of your marital status.

However, marrying someone with bad credit could affect your shared life in other ways. For example, if you and your spouse choose to apply for a mortgage, loan or shared credit account, the lender could base the terms of your agreement on the lower credit score, resulting in less favorable terms. Whether or not you individually qualify for a low interest rate, you may end up having to pay an above-average interest rate on shared accounts.

The key thing to remember if you or your spouse has bad credit is to approach the situation with honesty and kindness. After all, financial health can be a sensitive subject, and there are many different reasons why someone might have a low credit score. Discuss your shared financial goals and think about how you might work together to improve the lower score.

Can changing your name affect your credit score?

No, changing your name won’t impact your credit score, but you do need to contact your bank, any existing creditors or other financial account holders, and the Social Security Administration to inform them of the change. You should also update the information on your government ID and passport.

As creditors start reporting new credit activity under your new name, the credit bureaus will automatically update the name on your credit reports and list the old name as a name by which you were formerly known. If your name hasn’t been updated on your credit file after about 30 days—or has been updated incorrectly—you can file a dispute with the appropriate credit bureau(s) to have the record corrected.

Should you combine your credit accounts?

Many couples choose to merge their financial accounts after marriage to help simplify record-keeping and make it easier to file a joint tax return, but ultimately it is a personal decision between you and your spouse. As you decide, it’s good to factor in any disparities in your credit scores and/or credit habits. Remember that you will both be responsible for any debt incurred on joint accounts and that any negative activity will affect both of your credit scores.

If you do elect to combine your credit accounts, you might want to hold at least one individual account in your own name in case of emergency. The idea of divorce might seem impossible to consider, but imagine going through a separation while having to rebuild your credit from scratch on top of everything else.

Does getting married mean you share each other’s debts?

Any debts you and your spouse individually acquired before your marriage will remain your individual responsibilities. After you’re married, things may become more complicated. If you take on any debts, the extent to which you share them may depend on the state where you live. If you have any concerns, you should always consult with a licensed attorney in your state.

Can you help raise your spouse’s credit score?

Yes! If you want to help your spouse build their individual credit score, one way to do it is open a shared credit account, as mentioned above. However, this option may prove risky if your spouse hasn’t yet mastered responsible credit habits. Another way is to make them an authorized user on one of your own credit accounts. This allows them to piggyback on your good credit and improve their own score merely by being named on the account. You can also automate monthly payments to make sure they’re paid on time if your spouse is a bit forgetful.

Finally, don’t underestimate the power of positive reinforcement! You may be able to help your spouse improve their credit just by being open about your own credit habits and offering encouragement as they work toward their credit goals, like reducing their credit card debt or increasing their credit limit. Even though your credit score after marriage stays separate, it’s good to think about building credit as a team effort, especially when the time comes to apply for a shared loan or mortgage.

What next?

Whether you’re sailing down the aisle or happily single, keeping track of your credit can be an important part of your financial health. PrivacyGuard can help monitor your credit activity and provide monthly triple-bureau reports and scores, so you have a better picture of your overall credit health.

Curious about other ways marriage can affect your finances? Check out our blog to learn more.