Marriage and Credit Myths Debunked 

Tying the knot involves merging several aspects of yours and your partner’s lives, including your finances. However, does that mean that your credit scores and reports are automatically impacted because you decided to say, "I do”? Not necessarily.

There are a lot of misconceptions floating around regarding marriage and credit. Though the joining of your lives does not result in any direct impact to your or your spouse’s credit reports, it may be worth your while to discern between fact and fiction when it comes to marriage and credit. Use this guide to get started.

Myth: Your Separate Credit Reports Merge When You Say "I Do”

Fact: The information in your credit report stems from your personal information, which is typically any financial information linked to your social security number. Once you get married, this does not change.

That said, if you and your spouse decide to apply for a joint credit card, or if you take out a loan together, the information regarding those accounts will reflect on both your reports. This is important to bear in mind in the event of divorce. Even if a judge assigns a joint debt to one party, there is no guarantee said party will pay it, which could reflect negatively on the other party’s credit report.

Myth: Getting Married Direct Affects Your Credit Score

Fact: The joining of your lives does not directly impact either of your scores. That said, your spouse’s credit score can indirectly affect your future together and vice versa. For instance, if you go to apply for a mortgage loan together and your spouse’s credit score is less than stellar, you may not receive approval. If you do get approved for a loan, you may not get the rates you wanted or the terms you desire. This is true for every type of loan you plan to apply for together. For this reason, it is important to discuss your credit scores and debt situations before the big day.

Myth: Once You Get Married, All Your Accounts Become Joint Accounts

Fact: Again, all your financial information is based on your social security number and other personal data. This does not change when you get married. The only ways in which an account may become joint is if you add your spouse as an authorized user on an account, you two apply for a loan together or you open a joint credit account.

Myth: Changing Your Name Affects Your Credit Reports and History

Fact: Despite popular belief, your credit history does not disappear when you take your spouse’s last name. The only thing that will change in your credit reports when you change your name is the name in your files. Even then, the change will only occur when you update your accounts with your lenders and creditors with your new name information.

Myth: Marriage Will Lower Your Credit Score

Fact:  Anyone who says that marriage negatively impacted their credit score is probably referring to the huge amounts of debt he or she accumulated on the wedding and honeymoon. The act of marriage itself does not affect any information in your credit reports.

Myth: Your Partner’s Poor Credit Score Will Lower Yours

Fact: Younger generations place a lot of emphasis on credit scores when choosing a partner, with many individuals assuming that marrying someone with a low credit score can hurt their own. While a low credit score may be indicative of irresponsible spending habits, it should not evoke concern for your own. However, it should prompt a discussion regarding how you can improve your partner’s score so you can make major purchases together in the future.

Myth: A Previous Bankruptcy On Either Party’s Report Can Affect the Other’s

Fact: Bankruptcy can have a huge impact on the credit report of the person who filed. If your spouse filed for bankruptcy prior to you two tying the knot or opening any accounts together, the consequences are his or hers to bear alone. That said, that does not mean you should not try to help your spouse undo the damage. Though the bankruptcy will remain on his or her file for at least six years, you can work together to boost his or her score so you two can buy a home together, invest in a family vehicle or make other major purchases jointly.

Myth: Disputing Information Regarding a Joint Account On Your Own Report Will Help Your Spouse’s

Fact: Unfortunately, successfully disputing information regarding a joint account on your own report will not change anything in your partner’s. If your partner’s report reflects the same mistakes, he or she will need to file a dispute on his or her own.

Myth: Now That You’re Married, You Must Apply for All Loans Together

Fact: Though many married couples do share credit cards, loans and mortgages together, there is no rule saying that married couples must pay for everything together. If you want to open separate accounts, you are free to do so.

Marriage may merge your lives, but it does not merge your identities. You still have your unique social security numbers and, therefore, your separate credit information. If you do choose to merge some of your credit info, start small with a joint personal loan.