Marrying Someone With Bad Credit

By on | Credit Card Debt Consolidation Information.

Can Marrying Someone With Bad Credit Affect Your Credit Score?

While finances may not be on the top of one’s list when they’re considering their marriage partner, it’s still something to dwell on. While some wonder if they’re marrying the love of their life, others wonder if they’re simply marrying bad credit. Thankfully, one doesn’t necessarily need to panic if they find that their partner has a bad credit score. In fact, credit scores remain completely separate within a marriage unless a joint loan is filed. There are some instances, though, where seeking a joint loan is beneficial.

Joint loans are issued to multiple people as opposed to ordinary loans issued to a single borrower. Both domestic partners and married couples have the ability to receive a joint loan. Lenders lay down specific guidelines to make sure that s/he is protected in case the joint borrowers split up or have some sort of miscommunication. Joint loan amounts have the potential to far exceed that of a single-borrower loan, therefore making them popular among married couples. Such loans are also a common way for couples to financially share the weight of a debt.

Credit scores only come into play during a joint loan to the primary borrower (the person with the larger income). Since those with higher incomes typically have a better credit score, this works out in the favor of most couples. Thanks to this rule, a loan isn’t out of one’s reach due to the bad credit of their partner. There are instances, however, where the larger earner has the lower credit. What then?

There are still options for those couples whose higher earner has bad credit; taking a different approach to applying for a joint loan is all that it takes. A fairly obvious solution would to be to attempt to improve the poor credit score (how much time this takes to do is completely relative). Another option is to simply have the higher earner apply for a single-borrower loan and have the lower earner save accordingly. Short-term secured loans are also a viable option, as they don’t put as much emphasis on credit scores as most loans do.