Getting hitched means you’re ready to be by your husband to be’s side through European sojourns and flu season, but does this union say that you agree to take responsibility for their bad credit as well?

Obviously talking about finance is the last thing on your mind. Before you freak out when you’re in a financial frenzy, here are a few points on credit scores that should help ease your mind and, your loved ones too.

Two Become One?

So, since the two of you have united as one, then it must mean so have your credit histories? Luckily, this is not the case – marriage does not result in a joint credit score or credit report. Yes, even if you change your last name.

This aspect will remain dependent on you or your spouse’s financial decisions. The only possibility credit scores will change together is if the two of you both have your name on a mortgage or other line of credit.

Ok, now what?

So you and your spouse will have separate credit scores. Now you may wonder if you could be affected by your partner’s bad credit or vice versa; again being married will not have an adverse impact on your credit.

However, the financial decisions you make together can. For example, if you decide to co-sign for a mortgage, car loan or sign up for a joint account, the history will be on each of your credit reports. If one of you have bad credit, it will only affect your chances of being approved and qualifying for low-interest rates.

Keep in mind, if one of you max out on a line of credit or do not make payments accordingly on a joint account, then it will affect both of your credit scores. As a couple, both of you should maintain responsible financial habits, to ensure that it does not damage the other financially and be the cause of any martial hardships. Traditionally, after marriage, most couples combine their separate accounts into joint accounts. Although many follow through with this gesture, it does not mean that you and your partner are automatically required to do so.

What to do now

Make sure to discuss accounts, financial history, and future goals thoroughly and most importantly make sure that you can come to an agreement together. In marriage, for several reasons, being able to sit down and make plans for the future is a definite way to strengthen the relationship; especially if any financial hurdles are temporarily in the way.

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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva

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