The quick answer for that is no, under exceptional circumstances. You are not and will not responsible for your future spouse’s bad credit or debt unless you decide to take it on by getting a loan jointly to pay off the debt. However, your future spouse’s credit problems can prevent you from getting credit as a couple after you’re married. Even if you’ve had spotless credit, you may be turned down for credit cards or loans that you apply for together if your spouse has had serious problems.
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Basically, a credit rating is an assessment of an individual’s creditworthiness. This assessment is based on an individual’s history of borrowing money and repaying debts. A person’s income and availability of assets also affect the credit rating or score he or she receives. When individual wishes to secure a mortgage or car loan, he or she must have a sufficient credit rating. If a person is unable to exhibit an ability to repay debt, his or her application for a loan will be denied.
Married couples generally maintain two separate credit records and histories. However, if you decide to take out a loan with your spouse, all payment history from then on will be recorded on both credit reports. When creditors generate reports, they are required by law to report information on a joint account in both of the account holders’ names.
Thus, it is advisable, before getting married, finding out about the potential spouse’s credit history and discuss financial positions of each party before getting married. If he/she had problems in the past, then you need to discuss it. Attitudes toward spending money, along with credit and debt problems, often lead to arguments that can strain a marriage. To start the conversation is by order copies of both of your credit reports from one or more major credit reporting bureaus. Then, sit down and honestly talk about your past and future finances. Find out why your future spouse got into difficulty with credit. Being aware of your spouse’s credit history can help to maintain a healthy financial position after marriage and reduce financial strain.
Once you get married, it is also imperative that each of has own separate checking accounts and credit cards. This is the way to be able to sustain own active credit record. If there are long periods during which you do not have any credit history, you will not be able to take out loans by yourself. Both you and your spouse should make sure that you pay your bills on time. The reason is because late payments are the fastest and easiest way to demolish your credit rating.
Although your spouse’s bad credit rating may not influence your individual credit score, if he/she continues to be irresponsible about debt repayment, both of you may suffer if you maintain a joint account. However, there are numerous actions you can take to protect your credit rating. For instance, do not sign joint agreements, limit authorized users and keep checking accounts separate. These recommendations will help you to keep control of your finances and protect your good credit.
