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How Marriage Changes Your Credit Score

A credit score before and after marriageMarriage is a big step. When you make the decision to tie the knot with someone you care deeply about, it transforms almost all aspects of your life. While some of these changes are going to be obvious, like cohabitating with your significant other, other transformations might not be as apparent. Some couples, for example, are unaware of how their credit scores change once they have decided to go through with marriage. Looking into this in advance can be a huge help toward planning for your future.

Start your married life off on the right foot by doing some preliminary research on how your union will impact your credit scores moving forward. The more you learn in advance, the easier it is going to be to face your financial future with some extra confidence.

Basic Credit Considerations

Credit scores can be frustrating to deal with. Even when you do your part to keep your score in a good position, you might find yourself stressing over all of the financial choices you make to keep your score in the right position. Keeping your credit score high might be unfair and a lot of work, but it is the only way for lenders to take you seriously in the future. While your score impacts your own life, it will not change or directly impact your significant other after you have decided to tie the knot.

While it might be comforting to realize your credit scores don’t directly impact each other after marriage, there are still a handful of important considerations to remember. For one, both you and your partner’s credit histories will definitely come into play when it comes to buying a home. If one of you has poor credit, this will be taken into account by financial lenders when you are looking to get a loan. This means you’ll need to take active steps toward fixing your scores. These negative scores can also come into play when you explore joint bank accounts.

Joint Accounts

For many couples, opening a joint checking or savings account is a natural step after getting married. Having most of your finances consolidated in one place can make it easy to move forward and make the right choices with the cash you’ve been able to save individually. This can be incredibly helpful for couples who want to have an easier time looking over their finances without having to switch between a number of accounts at different institutions and banks. While a joint account doesn’t change your scores outright, there are still considerations.

If you or your partner is bad with money, then you could be looking at a situation where both your credit scores are taken down by bad spending habits. Late payments on a card attached to both your names will definitely mess up your scores. To avoid this, make sure both you and your significant other have tools and apps available for tracking spending habits and bill repayment cycles. These precautions will do wonders as you discover a financial plan that helps you improve your scores together, rather than destroy them both.

Planning for the Future

When you are in love, you might not think about how your relationship will negatively impact your future. Before your wedding, you and your significant other need to come together and discuss a plan of action for your financial future. This will help you both get on the same page and figure out what choices you need to make in order to get your married life started on secure ground.

Learning about how marriage impacts your credit score can be very helpful for figuring out what steps you need to take after your wedding. Whether you decide to merge your finances together when all is said and done will be up to what you both determine to be best.

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