What Influences Credit Card and Loan Applications?

Although getting married will not affect your credit score, there are other ramifications in terms of obligation between spouses.

Because credit reports only capture an individual’s credit history, not a couple’s credit history, altering your marital status has no effect on your credit score. Marrying someone with a lower credit score, for example, will not diminish your higher credit score, and vice versa. If you apply for a loan jointly, the loan provider will evaluate both of your individual credit scores when evaluating whether to issue the loan, and the loan will show on both of your credit reports.

When two individuals marry, though, culpability is often shared. For example, if a spouse is sued for an outstanding debt, the wife’s salary might be garnished in order to pay the bill. If liability is a worry before marriage, it is highly worth discussing with an attorney, as a proper Prenuptial Agreement may assist handle this problem.

It is important to note that if you divorce and have shared debts with a spouse from a prior marriage, you will not be free of these debts when the marriage ends. This is because you both agreed to pay when you signed the loan or credit card agreement, as a couple and as individuals. Even though your divorce order holds the other spouse accountable, you still have a legal obligation to respect the original agreement you made while married.