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How is Spouses credit score affected?

Senior Contributor

Re: How is Spouses credit score affected?



yachtsnfun wrote:
I am currently rebuilding my finacial picture and am planning to re-marry..my future partner has great credit...how will that be affected..does mine have an impact since it is much lower?



If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin), and accounts go into default, CAs and OCs can report the adverse TLs on both spouses CRs. Otherwise, what's yours is yours, and what's your spouses remains your spouses.
Message 11 of 12
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Moderator Emeritus

Re: How is Spouses credit score affected?



3rd325 wrote:
"Actually, that depends on the state of residence. In Wisconsin, we have Joint Marital Property (and, ergo, credit). Meaning, once you get married, ANY credit goes on both credit reports, joint apps or not. I believe California has the same law? You may want to meet with a financial advisor before you get married if this is a concern. "
 
That is false. I am an underwriter at JPMorgan Chase. The community property laws in Wi does not mean your ficos are blended together. Community prop applies to ownership and income. Ca does not have the same law, the CA law is that "if you are married you may apply for credit in your own name". It is mearly advising you that if you are married you do not need to apply jointly. Likewise the Wi law does not mean that you have to apply jointly but it you are married and apply for a loan by yourself your spouse must sign giving his/her consent.


Thanks! I was skeptical about this but am not in a position to debate. Smiley Happy
Message 12 of 12