Getting married is a life-changing event, both emotionally and
financially. There are many assumptions about the impact marriage can
have on your credit score and history. Let’s walk through a few of
those assumptions and whether they are true or false:
Your credit score will combine with your spouse’s once you
get married: FALSE. Your Social Security number — which is what your individual
credit history is tied to — doesn’t merge with your spouse’s after
marriage. Neither does your credit history.
Your credit history restarts from scratch after you change
your last name: FALSE. If you are changing your last name when you get married,
simply notify your creditors of this change. Your new and old name
will both be listed in your credit report but your credit history
should remain the same.
Your spouse’s poor credit will hurt your credit score: FALSE. Your spouse’s credit history will have no direct impact on
your credit score. However, if you have joint credit card accounts
or are a co-borrower on a car or home loan, those joint accounts
will be considered in your credit score – good or bad.
If you or your partner are currently experiencing credit
problems and need to get approved for financing, it may be a good idea
to discuss and weigh your financing options. Regardless of your credit
history, dealers enrolled in the Credit Acceptance auto finance
program can help you get
started on your credit approval for vehicle financing today!