Marriage Myths
by Credit.com
What happens to your credit reports and credit scores when you get married? There
are all kinds of common misconceptions about merging reports and falling credit
scores. Luckily, these myths aren’t true. Here are the five most common marriage
and money myths:
1. Our credit reports
will merge together when we get married – This is probably the most
common marriage myth. Credit reports are keyed off each person’s individual
Social Security number. Since your Social Security numbers don’t merge together
into one number when you get married, neither do your credit histories.
2. Marriage will lower my credit scores – Huge amounts of
credit card debt from funding your wedding and your honeymoon may harm your credit
scores, but the act of getting married will not. Nothing automatically changes
on your credit reports when you get married, so nothing should impact your credit
scores.
3. When I change my last name, my credit history is erased –
If you change your name after you are married and report this change to your creditors,
you will see some updates to your existing credit
reports. Along with your old name, your new name will be listed as an alias.
You will not have to start from scratch with a new credit history. There may be
a few inaccuracies on your report as this transition takes place, so it’s
important to check your credit report frequently during this period.
4. My spouse’s poor credit will hurt my credit scores –
This is a common concern for couples about to get married. Fortunately, your spouse’s
past credit history has no impact on your credit profile. Only when you open a joint
account will any information be shared on both of your credit reports. However,
when you want to buy a home together, your
spouse’s negative credit history could impact your mortgage rates. You should
work together to improve your sweetheart’s
credit if you are planning for a major purchase.
5. I will automatically become a joint user on my spouse’s accounts
– Marriage doesn’t automatically make you an authorized user
or co-signer on your spouse’s accounts. If you wish to be added to your spouse’s
credit cards, you will need to call
the creditors with this request. Please note that being added as an authorized
user will not result in the account being factored into your credit score.
As for
loan accounts, becoming
a co-signer for a loan usually requires refinancing.
Congratulations on your marriage! Now that you don’t have to worry about
these common marriage myths, you can spend more time enjoying being newlyweds!
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