You sifted through the good and bad the dating world had to offer. You’ve made some good decisions and some not so good decision, but you’ve learned from every one of them. After countless trial and error, you have found “the one” and you counting down the days until you each say the life changing words “I do.” Kudos to you. In today’s ADHD society, most of us struggle with committing to anything longer than 15 minutes let alone to actually finding someone who compliments us on a level that warrants a Till Death do us Part disclaimer.
I am not, by any stretch, standing on the “think about it” soapbox, but it is important to understand that there are a copious amount of myths with respect to what happens to your credit when you tie the knot. One of the most common questions I am asked is “Will getting married really merge our credit profiles?” The simple answer is no, but to expand on this you need to remember there is no such thing as a joint credit score on the credit bureau level. Every credit score is calculated based on information that is tied to individual social security numbers and when someone changes their marital status to married, they still maintain their social security number.
All of your preexisting debt that you have prior to your wedding day, stays in your name alone. Any accounts that you and your spouse open jointly moving forward, will impact both of your credit reports alike. But keep in mind, your spouse’s debt will not impact your score if you are directly associated with those accounts.
It’s imperative that you know how your credit is impacted across all situations. There is a massive amount of bad information and poor education in circulation today. If you ever have any questions about how to maximize and grow your credit score or how a specific situation will impact your credit, please give us a call anytime.