What will happen to my good credit standing if I marry a man with terrible credit?

Answer 1

Keep your maiden name, and purchase everything in your name alone. His bad credit will reflect on your credit score.

If you buy a house, be sure he signs a "Disclaimer Deed". this will also give you maximum protection.

Answer 2

Your credit standings remain separate unless you co-sign something, so your "good name" will still be in good standing.

However, you want to be careful with *any* finances around this guy if you marry him. Example: His credit isn't good enough, so he buys a car "in your name" -- using your credit standing -- and then proceeds to miss payments, etc. Your credit plummets and soon you also have a "bad name" with the banks.

Terrible credit -- has he filed for bankruptcy in the past few years? If he has, you *really* want to consider your financial burden by marrying him. Best of luck to you!

Answer 3

Been there, done that. Not a great idea because if he's irresponsible with money you are setting yourself up for significant problems. The exception to this would be if he lets YOU handle the money AND put him on a budget. Most men aren't willing to do that and you will end up fighting over it.

Anyway, your original question - don't merge any accounts. You could give him a card on your account, to help him rebuild his but I wouldn't do that until he has demonstrated serious responsibility AND he's cleaned up his credit (as far as bills all being paid off). You would be doing this to help restore his credit after he has cleaned it up.

Until then don't do anything together. Also be careful to keep your own stash of emergency cash (in addition to a family emergency cash stash) so if he is suddenly unemployed or something happens, you can continue to meet your obligations.

I've been buried several times by guys who came with baggage and weren't up to cleaning it up. Usually I started to do it for him. This results in me exhausting what I need to keep my finances stable.

So...make him turn over his checks and put him on an allowance. Don't let him carry a credit card or debit card for any account that has your name on it. If you do, you run a good risk of having him create problems you'll have to live with.

Answer 4

I've been in a similar situation. My credit was perfect and his was not so good.

Your credit will be fine as long as you don't add yourself to accounts that he has that have bad history ratings (ie, late payments, defaults, so-on).

But, if you intend to buy a home together you are going to want his credit to get better and all you have to do to achieve that is add him to YOUR credit lines (such as credit cards) that have a long history with perfect standing. If you don't trust him with finances, don't give him a card, just add him to the account.

I control all of mine and my husband's finances (used to do Mortgages also, so know A LOT about credit). He now has great credit and is able to get loans in his name with good interest rates without the help of my good credit to assist.

What ever you do though, wait until you are married to tie yourself to him financially. If you want to start building his credit before you are married without the threat of him screwing you, you can add him to your cards as an "authorized user" rather than as a joint owner. That way the good history (that you built on that account) assists his good credit, but he would not be able to make changes (such as upping credit limits) or ordering new cards for himself from said account. It will keep you in complete control (as long as he doesn't have his own card, from your account, in his possession).

Good luck, it'll all work out great as long as the responsible person is the one managing (and spending) the money.

Answer 5

Just keep your credit cards and finances seperate, and it shouldn't be a problem. I believe that a home loan wouldn't be a problem, be if you use your credit. But he must make the payments to you,or you'll have to make up for them. Then his credit rating will rise due to the regularity. You may want to draw up a pre-nup that states he must keep regular with house payments. Ask the bank about it directly before you take out a home loan.

Answer 6

Keep your credit separate. Have him buy a car or get a credit card with a minimal amount of credit and in seven years, it should be wiped out. If he buys a car or gets a credit card, he could re-establish his credit in 12-18 months.

Wishing you a world of luck!

Answer 7

Your credit standing won't be hurt by marrying him.

If you guys make a joint loan together (car, house, etc), you won't get as good of an interest rate because of his credit score.

And if you count on him to pay your bills and he doesn't, that will ruin your credit.

But that's all that can hurt you.

Answer 8

Firstly, check out the other person financial spending habit; i.e. how much he/she made a month, and how much expenses a month. They should be balanced, and in face save some for raining day, like getting married.

If the other person can't handle his/her finances, make sure he/seh gets help like attending a course on financial planning. Until this gets sorted out, don't get too deeply involved. Better to wait few months or maybe years before you commit. It ain't worth it to rush into it. Blind love can create much problem you cannot solve easily.

Answer 9

Depending on the state in which you live, you assume all debts once married!!! I say never, ever marry someone whose credit is worse than your's....

Answer 10

it will usually round out meaning when you apply as a married couple the take the two scores and then avaergae the score togther , so depending on how high your is or how low his is u could even with just a fair score.