If I marry someone with bad credit, does that tarnish my credit?

Question

Let's say my credit score is 700, and she owes money but is running from creditors and has ruined her credit, does that affect my credit score? or will it only affect me if we try to buy something jointly?

Answer 1

Possibly yes. It's a good idea to keep separate bank accounts - that way you will be able to always show that you have good credit. And if you buy something jointly you will probably automatically become responsible for it, especially as she already owes money elsewhere. :-/

Answer 2

It will only affect you on credit you apply for jointly. The key is not applying for any credit jointly until that is corrected. Once they run a report as a joint application those debts can show up on your report.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.

Answer 3

I'm not sure about credit, but I think only what's in your name (or partially in your name) goes on your credit report. If you went to purchase a home together, both of your credit scores would factor in.

However, this would ruin your finances. Tell her to get her sh-t together first. I wouldn't want to legally bind myself to debt and collections.

Answer 4

funny you say that... I almost married somebody with credit like that.... everything will have to be in your name once the person has assets.. than its worth coming after...