Soon to be married to someone with bad credit

[Anonymous]

I am getting married in a few months.  I have a high credit score and he does not.  I have property and credit cards in my own name.  He currently doesn't have any credit cards, but he has past accounts that are in collection.  We decided to keep the house and credit cards in my name only.  How can I ensure that his debts and poor credit rating don't affect my credit score?  When I change my name or begin filing joint income tax, do I automatically assume his bad credit?  

[Anonymous]

Get a prenup!!!!!!!!!!!!!!!!  That simply states any debt or assets brought into the marriage remain separate in the event of a divorce.

His scores will only affect your interest rates when or if you were to buy something jointly.

Once you are married your scores don't comingle in any way shape or form.

[rom828]

While his bad credit won't automatically become your bad credit upon marriage, I think it's very important you both be on the same page regarding money and finances before you are married.

Money is one of the hot subjects in most relationships and can be a source of discord if an understanding isn't reached.

Since you have a house, credit cards AND a high score it's safe to assume you are fiscally responsible.  If your DF is not, this could really be a problem for the two of you.  Perhaps some financial counseling prior to marriage would be a good idea. 

It may very well be that his poor financial record is due to circumstances beyond his control. Even so, his problem still becomes your problem in the sense that monies will have to go toward these old debts if he's ever to get back on solid financial ground, which are monies that can't be spent on other things (ie: trips, savings, etc).  I think it important to examine your feelings on this so that you don't find yourself resentful later.

I hope I haven't sounded mean or preachy; it is certainly not my intent.  But having been married 28 years, DH and I  had a few of those "money fights" ourselves, so I speak from my own experience when I say it's important you both have the same approach to finances in order to have a peaceful coexistance.

Best of luck to you both!! 

[Anonymous]

Make sure you don't open any new accts/car loans together as joint.  So that means anything the 2 of you get for your family or household, you need to make sure you can qualify solo.  My parents had that problem & it never was a factor for them.  For example, if you get a new car for your husband, it needs to be in your name only so that you can get a good rate of interest. 

[Anonymous]

No new accounts together absolutely!

But if you aren't on the same page and he accidentally runs up a credit line you didn't know about and you live in a Community Property State......you would be on the hook for 50%....Which is why I say prenup.

Watch Suzie.... some think she is the devil, but really she is very wise beyond her years. 

Message Edited by 1111mel on 10-09-2008 10:27 PM