Does My Wife's Credit Affect Me?

When considering the joys of matrimony, dealing with the blending of finances can wind up fairly low on the list. It can be as simple as sharing a bank account or as difficult as trying to tell your spouse that you don't care to be associated with her poor credit history. One question that arises as couples build a future together is how much one spouse is impacted by his partner's credit score.

Seen as Individuals

There is no "our" credit report; simply yours and mine. You and your spouse have individual credit reports. Any credit problems your partner had prior to your marriage do not show up on your account unless you entered jointly into a financial obligation or co-signed one of his loans.

Follow Your Instincts

As much as you love the person you plan to marry or have already married, listen to your instincts when it comes to entering into joint liability situations. Even after the wedding, you can protect your credit by obligating yourself to pay only for things you know you can afford. If you know that your spouse has an issue with misusing credit or spending more than she can pay, think seriously about whether you want her bad habits to reflect on your credit report.

When It Impacts You

In the event that you and your spouse decide that you would like to make a major purchase that will require both of your incomes for qualification, both of your credit reports are going to be pulled for review. It is at this point that the credit of one spouse can prevent you from getting a mortgage, a boat or an automobile. Many leasing agents also review credit reports of all adults who are going to be residing in a home. Unless you can afford to pay the lease on your own, this could be a problem.

Help Your Spouse Rebuild

You can take small steps to help your spouse rebuild tattered credit. Add your spouse as an authorized user on one of your credit cards and pay it off each month. Put money into a savings account and then co-sign for an unsecured loan with your spouse. Use the money you've saved to pay off the loan right away. Those timely payments will be reflected on your spouse's credit report as well as on yours, helping to raise both of your scores.