How is Spouses credit score affected?

[Anonymous]

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?

[Tuscani]

You are you soon to be wifes credit has nothing to do with one another.

[Anonymous]

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?

[Tuscani]

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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?

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If you open joint accounts that will obviosuly impact both of you.

[Anonymous]

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.

[Tuscani]

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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.

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Thanks, I was not aware of this.

[Anonymous]

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@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.

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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.

[Anonymous]

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@Anonymous wrote:

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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.

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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.

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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]

You are re-marring just to rebild your score!??!?

You can be an autorised user on your partners card and that can help you.

[Anonymous]

"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.