Question: How Can I Marry Someone With Bad Credit?

Key Takeaways

  • Marrying a person with a bad credit history won’t affect your own credit record.
  • You and your spouse will continue to have separate credit reports after you marry.
  • However, any debts you take out jointly will be reported on both your credit report and your spouse’s.

Will my bad credit affect my spouse?

If your spouse has a bad credit score, it will not affect your credit score. However, when you apply for loans together, like mortgages, lenders will look at both your scores. If one of you has a poor credit score, it counts against you both. You may not qualify for the best interest rates or the loan could be denied.

What happens if I marry someone with debt?

In community property states, you are not responsible for most of your spouse’s debt incurred before marriage. However, the IRS says debt taken on by either spouse after the wedding is automatically a shared debt. Even if your spouse opens up a line of credit in their name only, you could still be liable for that debt.

Can you get a joint mortgage if one has bad credit?

Yes. The way two applicants are treated in regard to a joint mortgage application where one has bad credit can vary lender to lender. They each have a different policy on what’s acceptable, both in terms of the adverse credit event and whether they’ll accept an application from just one of the two parties.

How is credit score determined for married couple?

Married couples don’t have a joint FICO Score, they each have individual scores. The difference is that when you are single you usually only need to worry about your credit habits and profile. However, when you become married your spouse’s credit habits and profile have an impact on yours.

Can you buy a house if spouse has bad credit?

Mortgage Options if Your Spouse Has Bad Credit

If your spouse has a low debt-to-income ratio, it may help outweigh their credit problems. Some lenders offer other types of first-time homebuyer mortgages, such as Fannie Mae’s HomeReady Mortgage, which allows lower income and credit scores than on a typical mortgage.

Should I marry someone with bad credit?

Marrying a person with a bad credit history won’t affect your own credit record. You and your spouse will continue to have separate credit reports after you marry. However, any debts you take out jointly will be reported on both your credit report and your spouse’s.