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If I have really good credit and the person I am marrying has bad credit, how does that affect me and my credit? Each person has his own separate credit report, so you don't have to worry about your spouse's bad credit affecting your record the minute you get married. As long as you apply for a loan on your own, the lender can't check your spouse's report, too.
Mary and Bill recently divorced. Their divorce decree stated that Bill would pay the balances on their three joint credit card accounts. Months later, after Bill neglected to pay off these accounts, all three creditors contacted Mary for payment. She referred them to the divorce decree, insisting that she was not responsible for the accounts. The creditors correctly stated that they were not parties to the decree and that Mary was still legally responsible for paying off the couple's joint accounts.
A: If you hold a joint credit account, have co-signed a loan or have authorized use of another person's credit, these items could affect a score if they appear on your credit report. It's important that joint account holders or authorized users understand that their credit behavior does affect the other joint account holder or main account holder. A credit account held solely in the name of your spouse, child or any other family member cannot impact your credit score. However, in community property states, all debt acquired during a marriage is considered a joint debt, regardless if the account is joint or in the name ...
If personal ads were pragmatic, you might see a pitch like this: Single female with 820 credit score seeks single male with 800-plus score who enjoys moonlit walks on the beach. But in matters of the heart, people are rarely practical. It's not unusual for financial opposites to attract, where someone with a good credit history marries a bad credit risk. Often these differences go undiscovered until the two try to buy a house and are denied a loan — or at least one with favorable terms — because of a partner's poor money management.
When the Valentine's Day rush is over, A. Natalie Nelson's rush starts. Nelson, 48, is a certified divorce financial analyst. Couples hire her to help sort out the financial implications of their breakup. "My phone rings off the hook every Feb. 15," she said. "It's not usually one thing. It's a cumulative breaking point." About 1 million U.S. marriages end in divorce each year, according to the National Center for Health Statistics. No seasonal statistics are compiled, but divorce specialists say that mid-February is prime time for marital dissolutions. "I think the holidays end up being...
Q: My wife has run up a balance of thousands of dollars on her credit card. I try to stem the flow but usually unsuccessfully. Am I liable for these debts? A: I checked with the folks at Your Credit Card Companies, a group of major financial services companies that provide useful information on handling credit, enhancing your credit score and preventing identify theft (see Web site www.YourCreditCardCompanies.com). Their answer to your question is a resounding "It depends."
