How is your credit score affected if married and have joint finances?

Question

This might be dumb lol but I’ve never really thought about it. I’m working on building my credit score. Im not engaged or anything, but if I get married in the future, I’d like to know how this would affect my credit score. 
For an example, if we purchase a home using a mortgage, and it’s in both of our names, does that have an effect on both of our credit scores? It probably does and it’s really obvious, but maybe there is something I don’t know about. 
If you’re married, is your credit score similar to your spouses?

Answer

Your credit scores are still completely separate. So if you have a joint credit card or something like that you both get points deducted and added for that account and the same goes with something like mortgage. You would both get credit hits and points added when payments are made.

Answer

My husband and I have different scores. His is a lot better than mine. If we decided to jointly purchase something (like a home or vehicle) then both of our scores would be looked at and would be affected differently based upon what the debt to income ratio is for each of us. If I decided to purchase something on my own, without his name being on it, only my score is looked at and his score would not impact the purchase unless he were to sign on the purchase. If that makes sense.

Answer

Yea it effects both if both of your names are on the loan

Answer

Our credit scores are similar since we have similar payment history. but having a joint account hasn’t really affected it. If anything, it’s made mine better since I make less so most of my payments come from my husbands paycheck. Getting loans together affected it, but we only have 1 loan/line of credit in both of our names.

Answer

You could get a loan on either of your names so my sisters husband had a bad credit score and she got the loan just through her name. Me and my husband just went together once we bought our first house after getting married as he already owned a house and I hadn’t ever borrowed money as I was quite young at the time. So both of our credit scores are good.

Answer

Your score is still your own. Joint loans, credit cards, and other debts will show up on both of your profiles, but your individual items don't affect the other person. When I bought my house,  the mortgage went in my name only. I had the income and credit to do it. Including my now ex-husband would have resulted in  a horrible interest rate or possibly no approval because his credit was not even fair. His did not drag mine down.

How is your credit score affected if married and have joint finances?

The Top Baby Tracker App: Embrace New Beginnings with Tender Care

The Top Fertility Tracker App: Your Path to Achieving Pregnancy

The Top Pregnancy App: Nurturing Your Journey to Motherhood

The Top Period Tracker for Empowering Your Menstrual Health Journey