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Posts: 14
Registered: ‎01-18-2011
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When two people get married, will their credit score merge together, or remain individual???

When I marry,  will my lower score merge with my wife's higher score?   Also, when we go to refi her house, will her higher score be taken into consideration only, or will they look at my lower credit score only, or will the banks combine the two and average them?  BUT, She is NOT working, as she lost her job, but her score is higher.  So I have a few questions and would appreciate anyone who is knowledgeable answer me.  With the low interest rates, we are hoping to refi.   Thank you so much!  

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Posts: 32,865
Registered: ‎08-04-2007
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Re: When two people get married, will their credit score merge together, or remain individual???


dee1212 wrote:

When I marry,  will my lower score merge with my wife's higher score?   Also, when we go to refi her house, will her higher score be taken into consideration only, or will they look at my lower credit score only, or will the banks combine the two and average them?  BUT, She is NOT working, as she lost her job, but her score is higher.  So I have a few questions and would appreciate anyone who is knowledgeable answer me.  With the low interest rates, we are hoping to refi.   Thank you so much!  



When you marry, your accounts won't merge. They'll only be together if you apply for new credit with both of your names on the app., as in a joint application. Assuming you don't open any new accounts or have old ones deleted, your credit reports will look the same before you marry and after. In fact, there won't be any evidence that you are married unless you app jointly in the future.

 

When you refi, assuming you refi together, then all 3 FICOs will be pulled for you. Your lender will take your middle score. At the same time, the lender will pull all 3 reports and FICOs for your spouse. Again, the middle score is looked at. For the basis of the rate and approval, your lender will pick the lower of the two middle scores. If you apply jointly, your lender will also take your income and hers into consideration, as will the monthly fixed obligations like loan payments, CC min. payments, etc.

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: When two people get married, will their credit score merge together, or remain individual???

+1 very well explained and highly accurate.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Super Contributor
Posts: 5,712
Registered: ‎10-06-2007
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Re: When two people get married, will their credit score merge together, or remain individual???

DW caught my  FICO score checking out Kim Kardashian's score the other day.  Not to worry since I told DW that the scores were really FAKO ones.

 

03/21/2016 FICO: EQ: 772 EX:773 TU:779
Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: When two people get married, will their credit score merge together, or remain individual???

LOL!

New Contributor
Posts: 63
Registered: ‎08-07-2012
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Re: When two people get married, will their credit score merge together, or remain individual???

along with applying seperately for loans etc. is the fact of what type of marriage you took on. A confidential marriage allows you not to have to take on the others last name so you may keep your independent accounts and things you have on your own yours. If  you do not search for any joint accounts loans etc. then you are not taking on any of their bad/good debt and credit. This may be good or may be bad but you cant reap the benefits(any of them) without truly putting in to the pot: time money emotions etc etc Just like with everything else its a relationship that your establishing and time and effort is of the essence. It all depends if you choose to want to apply jointly to anything you must prove and be able to provide documents establishing a trust between the two proving that there is a type of seriousness that was taken on in the marriage established with documents backed up with money and accounts proving this to show that you both are established in many relationsa(credit wise) with MONEY is key!!! and then the lenders will take the joint application seriously otherwise you must take about two years minimal to establish these things to be able to get lets say like EX: a loan on a house MORTGAGE STUFF or any type of heavier loan. The more established commitment they see between two parties married or not the more serious they will be about loaning you their money.

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