What Effect Can Your Spouse Have on Your Credit Score?

by : Court Tuttle

When you find the man or woman of your dreams, you should be able to list all the things you want in a spouse and have them match the profile. So what kind of things are on your list?

Things like, good looks, good values, loves kids, wants a lifelong relationship, is willing to see your side of an argument, loves who you are on the inside, and has the ability to maintain a good credit score... what? When was it ever mandatory for a possible spouse to have a good credit history?

You may want to reconsider thinking about this quality in the love of your life. There are a few precations that you should probably take if you are going to get married to a person who has a horrible habit of not paying their credit card bills on time. Cut the ties and end the relationship? Well, it does not have to be quite that extreme.

Knowing what you are getting into in a marriage, financially as well as emotionally, will alow you to determine how to work out the quirks of your future spouse and enhance the qualities that they possess. Being able to come to some agreement, despite your spouses financial bad habits will let your credit score stay where it is and perhaps even make theirs better.

Talking over your personal financial struggles will allow you to know just where you need to be cautious. Often people who are married will eventually merge their accounts so that they have a joint account.

This will put actions made on this account in both credit reports instead ofjust one. If you have a spouse who is loose with their spending habits and slow with their monthly payments, you should perhaps keep your accounts separate to avoid damage to one credit score that does not necessarily deserve the decrease.

Perhaps, after the marriage, a good way to maintain a good credit score on one side and improve the credit score on the other side is to combine each one's accounts, but to have the more responsible one manage the payments. If the spouse that is less likely to damage their credit score handles both theirs and their spouses finances, it benefits both sides because of their responsibility.

Sometimes sad and unfortunate things happen in our lives, like divorce. You probably never intended to get a divorce when you first got married, but if things are not working out, it is just sometimes better to part ways. Life happens like that sometimes.

When divorce happens, it is wise to consider your credit score, even if it is one of the things you want to worry about the least. Your credit score can be affected by your ex even after the marriage is over and the divorce is finalized.

Because of this, the best thing to do is to dissolve your existing joint accounts. You should either pay them off completely and close them out in order to keep them from being used unwisely, or you should take one name from the joint account, leaving the other responsible for all payments.