topic Re: Marriage and how it affects credit in General Credit Topics

Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 18:38:09 GMT

My credit excellent and well established. However, I am getting married to someone who has not managed credit quite as well. Is there advice to give here? In other words, will this affect my FICO score or, if I keep our credits separate, will my FICO stay high?

Re: Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 18:47:34 GMT

I would say do not mix credit until the spouse get better at taking care of their credit. Do not become an AU on your SO's credit card. If your SO's miss payments (or be late) on a card your scores woll take a big hit. Your scores should not be affected if you don't mix and stay on top of your credit like you have been doing.

Re: Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 18:53:25 GMT

My first advice would be to get him on a Credit Clean-up Program.

Your scores will remain individual (with a few exeptions for community property states). HOWEVER, since his are in the toilet and yours are excellent - most of the responsibility for things will fall on you (house, cars, etc) which really isn't fair. You may be quoted higher rates for these things and/or have less buying power.

IF he agrees to work on cleaning up then you could joint him onto one of your cards (and stash it from him) - he will get the benefit with little to no risk to your profile. Once he cleans up and begins re-building, then you could let him have the card to use occassionally (with payment provisions), then as he proves himself unlimited use.

Re: Marriage and how it affects credit

jackg — Wed, 21 Nov 2007 19:31:35 GMT

Roxie2,

There is advice to be shared in your situation to achieve your desired result, what ever that is. My wife and I have been married 39 years this Xmas, 3 children, 5 grandchildren.You would be correct to assume that we support each other every chance we can.

I don't know if that's your attitude about your spouse. It seems to me that that's the 1st question you need to answer and then your plan of action becomes clear. Right?

I hope this helps and good luck.

Re: Marriage and how it affects credit

marty56 — Wed, 21 Nov 2007 20:01:43 GMT

Keep your accounts seperate but share the cost of paying for things. It is not a trust issue but common sense. If something happens to your husband or you get divorced you will need it.

Message Edited by marty56 on 11-21-2007 12:01 PM

Re: Marriage and how it affects credit

MidnightVoice — Wed, 21 Nov 2007 20:12:26 GMT

Absolutely maintain your own goof credit.

And you can make him a co-owner of one of your cards and he does not need to have a card so he can't ruin your credit

And make sure between you that you don't get late pays on the mortgage!!!!!!!!!!!!!!!!!!

Re: Marriage and how it affects credit

Tuscani — Wed, 21 Nov 2007 21:42:55 GMT

Good read: http://www.ftc.gov/bcp/conline/pubs/credit/divorce.shtm

Re: Marriage and how it affects credit

creditwatcher — Wed, 21 Nov 2007 22:02:19 GMT

I have a friend that got a Confidential Marriage License after someone told her doing so would help keep her husbands bad record off of her CR. Does that sound right??? Apparently the names are available to the public but no other information on the license is. He has medical collections (in the thousands) that are about 2 years old in California (among other credit issues). Wouldn't it make it worse if she can't prove the date they were married? They are closing escrow on a house in a few weeks (she wont go into the details of who is on the mortgage other than his mom being a co-signer) and I'm very scared for their future!

Re: Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 22:09:05 GMT

Actually that may have been a very smart thing to do for at least the short term...

What is the difference between a Public and a Confidential marriage license?
If public: You can get married anywhere in the State of California, you need at least one witness during your ceremony, and the marriage record is made available to the public. Click here for more details about Public Marriage.

If confidential: You must be living together, getting married in the County where you purchased your license, no witnesses are required, and the marriage record is only available to the husband and wife. Click here for more details about Confidential Marriage.

Re: Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 22:34:38 GMT

This is such a sensitive and complicated issue. I agree with the comments made here. Keep your credit totally separate until such time as his credit improves.

In a wierd twist of events, since I have become credit obsessed, I have realized many things. Relationships send my credit into the toilet so to speak...always trying to help...So new rules...bad credit scores means you are outta here...Last two guys I dated...disaster...never knew ones credit info...but I could see how he handled his bidness..."Just pay it late"....NOT!!! And the last one told me he didn't give a d**n about his credit score...Sent him packin....

These are very important issues. Hopefully you can get him to come around to your way of thinking and get his credit straight for the benefit of both of you. Good luck to the both of you.

I may be and old lady all alone in a rocking chair...but I'll have great credit scores...

Re: Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 22:43:33 GMT

regarding the "old lady alone" comment --- not in a rocking chair but an old lady able to do anything she wants to do including take a $30K trip around the world on her card!

Unless you have soooo much liquid cash that you really don't need credit then you need to have a good score to get the most from the credit you have.

OP, I think you need to have a serious talk with him - no threats or the like - but really explain the impact his actions have on YOU as a couple.

Re: Marriage and how it affects credit

MidnightVoice — Wed, 21 Nov 2007 22:46:57 GMT

ObsessedwithmyFico wrote:

In a wierd twist of events, since I have become credit obsessed, I have realized many things. Relationships send my credit into the toilet so to speak...always trying to help...So new rules...bad credit scores means you are outta here...Last two guys I dated...disaster...never knew ones credit info...but I could see how he handled his bidness..."Just pay it late"....NOT!!! And the last one told me he didn't give a d**n about his credit score...Sent him packin....

A high FICO is sexy

Re: Marriage and how it affects credit

Anonymous — Wed, 21 Nov 2007 22:51:32 GMT

I so agree...Good credit is sexy...I will be requiring credit reports for any future adventures...lol...Thanks guys...OP...talk to your future spouse and get this straight...before it turns into a disaster...But again...good luck to you both.