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If you open joint accounts that will obviosuly impact both of you.
yachtsnfun wrote:Thanks...I didn't assume that our score would affect each other's...unless we apply for a mortgage or other type of credit together?
mhofmann 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.
@Anonymous 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.
So, the CA law does differ slightly from the WI law. The credit / debt portion of the WI law says in a nutshell: when deciding one spouse's creditworthiness, the creditor must consider the value of all marital property, including the other spouse's income and debts. Debts you incur during marriage are presumed to be in the interest of your marriage. To collect on such a debt, a creditor can go after not only the debtor's individual property, but also all marital property. For example, if one spouse borrows money and then becomes unemployed and can't pay the debt, the creditor can garnish the other spouse's paycheck. That's why on almost all credit apps, there is always a note to Wisconsin residents.
@Anonymous wrote:The term in California is "community property" but it does not apply to credit. There are very few TLs that appear on both my CR and my wife's.
mhofmann 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.