Does Getting Married Affect Your Credit Score?

A marriage is the start of something new and it almost always involves sharing living spaces and possessions. But does it also mean sharing credit? The answer is that it depends.

Just as every marriage can be personal and unique, so can the approach a couple takes toward financial matters such as borrowing and money.

Learn common marriage and credit score myths, as well as what you can do to build credit together over the life of your relationship.

Does Getting Married Affect Your Credit Score?

Generally speaking, marriage alone doesn’t affect a credit score. Marriage is a legal arrangement in which couples choose to show their commitment, and it comes with the expectation that they will share things.

However, couples are not required to share credit. Without taking specific action to engage in joint financial decisions, the credit of each partner acquired before they married may remain separate if they choose. Future credit obligations may be handled as the couple wishes or as dictated by state law. 

What Financial Decisions Affect Married Credit?

When a couple joins together in marriage, they may choose to share just about anything, including their bank accounts and loans. Here are two examples of financial situations that may show up on both partners’ credit reports.

Joint Accounts

This may happen when the couple opens a new account together, with both names on the loan or credit line and both responsible for repayment. Joint accounts may include a car purchased together or a home mortgage with both names on the account. Some non-credit accounts, such as savings accounts and apartment leases, may have two names on them, with both partners responsible for the account. 

Authorized User

This is an arrangement similar to when a parent adds a child to a credit account as an authorized card user. In this situation, the first partner has the bank or lender add their spouse as a user with access to the credit. Those second partners often get their own card, too. 

However, this does not make the authorized spouse responsible for the debt. This means they may potentially charge up debt without having any liability to pay the bills. 

Pre-Marriage Debt. vs. Marriage Debt

A common myth about marriage is that marrying someone means you “marry” their debt and automatically become responsible for what they owe. Unless that spouse adds the other spouse to their debt, this isn’t true. Pre-marriage debts remain separate until the couple takes action to make it a joint responsibility.

What about debt after marriage? This may be tricky since state law often determines how shared property and debt are handled. 

In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), both spouses become responsible for any debt either spouse incurs. This happens even if only one spouse knows about an account or gives their permission. 

In states that don’t recognize community property, couples may choose to take on debt individually or jointly. 

Still, other states let the couples choose to practice community property status or not, and that will depend on their personal financial situation and whether it pays to take on risks together. 

Will Changing Your Name Affect Your Credit?

Changing a name will not affect credit since it has nothing to do with being added to credit accounts. In fact, not all couples opt to change names when marrying, while some people change their names for reasons unrelated to matrimony.

If you choose to change your name after marriage, just be sure to let your creditors and financial institutions know so they may update records and report your credit activity correctly. You’ll also want to have the correct updated name on your credit and debit cards. 

Understanding Individual vs. Joint Credit

When you marry, a lot of things change, but your credit doesn’t have to be one of them.

Marriage is not reported on your report at the three credit agencies (Experian^®, TransUnion^®, Equifax^®), and your marital status isn’t a factor in whether a bank approves your loan application. Whatever your credit status was upon entering the marriage (excellent, very good, poor), it will likely continue at that status.

However, your actions after marriage may affect your credit, both as an individual and as a joint applicant for any future credit. Not making good financial decisions after marriage will negatively affect those accounts you opened before marriage and any subsequent ones you open with a spouse. That causes both partners’ credit scores to drop, which is why it’s important to be responsible with credit for the life of the marriage.

Tips for Improving Credit After Marriage

What happens to your credit when you get married? Hopefully, it includes strategies for maintaining a healthy credit score. Use these tips to keep that score up and possibly even raise a lower one.

• Pay all bills on time, even those which don’t traditionally report to the credit bureaus.
• Do not open new lines of credit unless you need them.
• Regularly check your credit score and credit report for errors or unexpected changes.
• Pay the full balance of any credit cards or credit lines each month, if possible.

Additionally, when couples communicate regularly about their shared household budget, income, and expectations, they often have a better chance of handling money wisely. Knowing who is responsible for paying the bills, for example, is a simple thing that may prevent any bill from going unpaid accidentally. With a better idea of each partner's obligations and how they fit into the larger vision for the household, there could be less chance for miscommunication, which could lead to greater harmony in the marriage. 

What Happens if Your Spouse Has Bad Credit?

Marrying someone with bad credit doesn’t have to be a negative for your finances or credit. Just know they may not be able to join you on applications for credit for purchases like a mortgage or a car. Adding that spouse to future accounts could result in a declined credit application, even with an excellent score for yourself.

Otherwise, if there are no plans to combine debt, a spouse's poor credit score may stay in the past. You may choose to work on improving that credit score over time so that you both have access to better credit terms and rates. 

This information may be a relief to couples, especially if they only learn of a bad credit score after walking down the aisle.

Building Healthy Credit Together

Marriage comes with many opportunities and challenges, and combining finances presents is yet another set of considerations to make. 

Will you combine checking and savings accounts or keep them separate? Are you going to apply for credit as joint borrowers?

Your answers may not be as simple as “yes” or “no.” In fact, couples may decide to approach finances strategically, using the spouse with stronger credit to get loans while working on the other spouse’s credit in the meantime.

As long as the plan includes continued care in following a budget, paying down existing debt, and being smart about future debt, it’s a plan that may work for just about any couple. 

Looking for additional financial advice for couples? Speak to a representative about our savings and investing programs designed to help you meet those new financial milestones.