What Happens to My Credit If I Marry Someone With Bad Credit?

Although marrying someone with bad credit may cause a degree of financial strife, your personal credit will not be affected as long as you keep your finances separate. There are several steps that you can take to minimize the impact of a partner's bad credit and maximize your financial opportunities, both as an individual and as a couple.

Separate Credit Histories

As a single, you started to build your credit the first time you used a credit card or took out a loan. Hopefully you managed your finances well and were able to earn a good credit score. Then you met "the one" and they were perfect in every way -- except for their credit score. While you will not have the same financial power as you would if you were married to someone with a good credit score, a partner with a bad credit history will not impact your personal credit score. This is because even after you are married, your financial transactions are recorded separately from your spouse's. However, to keep your credit score high it is best to take certain steps to maintain separate finances.

Keeping Your Credit Score High

To prevent your partner's low credit from impacting yours, keep your finances as separate as possible. Do not create a shared bank account or take out a loan together, if at all possible. This will ensure that you are viewed as a separate financial entity and it give you a wider range of opportunities. It will also protect you from the debt and financial issues that your partner has created and may continue to struggle with.

Assuming Debt

So long as you keep your finances separate, your spouse's debt will not become yours. However, if you choose to take out a loan to pay off the debt or add your name to an account that is past due, then you will assume equal responsibility with your partner in paying it off. If you don't want this, do not mingle your finances. However, if you trust that your partner will make only responsible financial choices, sharing the debt can actually make it easier to pay it off and will rebuild the low credit score at a quicker rate.

Preparing for Conflict

If your future spouse has bad credit, it may make sense to both of you to keep your finances separate until your spouse has improved his score. However, money is a source of power in relationships and can become a serious source of conflict. Your partner may come to resent that you have the control over all credit lines and accounts, even if she initially agreed that this was the best option. To avoid this, it is a good idea to establish clear guidelines about how much input you each will have regarding money and when you will combine your finances.