Couples & Credit...What do you think about this?

Question

I've read things about people marrying and they affect each others credit at that point. Of course, money isn't everything. But the whole issue reminds me of one guy in my neighborhood.

He said that whoever he married, he wanted to live in a huge country house, and it would be entirely in his name (and he had really bad credit...something to do with his school or car loans, or both). Plus, he wanted a huge family.

How is all that possible? And if he dated someone and became really serious, do you think things would work out? If whoever he met had pretty good credit, and they got married, should she just keep her finances separate...no joint accounts. Or just not let the relationship go as far as marriage, at least until he gets his credit back in good standing?

Good answers...that's how I feel. I'm not with the guy. I'm too busy for dating right now with college classes, anyway. But it's something he's always talking about as far as his future. And I am always saying his plans might not work out that way. So it turns into a debate.

Answer 1

I have heard that in some states, one spouse can put both spouses into debt even though the other doesn't know about the loan and her name is not on the loan document. In those places, it is really dangerous to marry someone who is not financially responsible and is not good with money. Maybe those couples will need to exchange credit reports every year during marriage to make sure the other one is not secretly taking out loans.

Answer 2

Well, you can be married and NOT have it affect your credit score by not getting any loans together (where your friend and his wife apply for the loan together).

You credit score is only affected by the loans/accounts your name is on, even if you are married.

For the principle of marriage, he and his wife should combine all finances -- "two become one" and all that. But if her credit score is more imporant than her marriage, then she should keep her finances separate.

Answer 3

I would NEVER EVER marry someone who does not have decent money management skills. Money woes can wreak destruction on a relationship (i.e., can cause tension, resentment, and fighting), and it can also severely hurt the spouse's credit rating and financial status. One of the prerequisites for a good life partner is financial responsibility and good money skills.

Sounds like the guy in your neighborhood would go into more serious debt with his champagne taste, beer money, and poor history of money management. You would be on a sinking ship if you hooked up with him. He would have to get his financial house in good order before I would think about marriage. You have to think with your head on that one.

Answer 4

MY CREDIT RATING IS ONE OF MY MOST PRIZED POSSESSIONS! IF I KNEW HE HAD BAD CREDIT I WOULD BE ASKING MYSELF -WHAT AM I GETTING MY SELF INTO? YOU SHOULD ASK A BANKER AND HANG ON TO YOUR MONEY UNTIL YOU RESOLVE THIS ISSUE, IT COULD HURT YOU LATER AND TAKE FOREVER TO FIX IT.