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When you get married and you have good credit and your spouse has bad credit does your spouse affect your credit at all?

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Wiki User
2005-09-29 13:59:28
2005-09-29 13:59:28

If you trying to buy a house together, yes, his credit will be taken into consideration and you may have to pay a higher mortgage rate. If you are trying to buy anything together because you need to consider his salary you may have problems. But just cause you are married to him does't automatically affect your credit. But he could potentially harm your credit if he defaults on any loans while you are married. Being married alone makes you accountable for what he does during your marriage in many cases.

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*The point is they are married and although it won't affect her credit rating if her husband is stuck with this loan it will reflect on both of them as far as possibly putting them into debt. If your spouse just cosigned then yes, they are responsible for that debt if their child decides not to pay. If the child does pay the payments then there should be no problem. Cosigning is never a good idea even if it is family because the cosigner is 100% responsible for that debt. * The non signing spouse would not be responsible for the debt nor would it affect his or her credit rating with perhaps the exception of applying for joint credit. Even if the married couple live in a community property state under such circumstances a spouse would not be responsible for the other's financial obligation that involved children of a previous marriage.

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If your spouse has a good credit record that lender should approve. However, you will need to discuss it with the lender.

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Sure, as long as your credit is good and you make enough/have enough assets to qualify for the mortgage. Again, the legalities that apply in one state, may not apply in another state. It will be wise to check it out first.

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Having a cosigner has nothing to do with your marital status. It's all about your credit. If you do need a cosigner for lets say a car loan, then it's better to have your spouse sign than ask a relative/friend to sign. Unless your spouses' credit is bad, then you have to look into a person who has good credit. Hope this helps!

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Yes it will affect your chances for a virgin money credit card. This will happen becasue for any credit card that you are applying to you need a good enough credit score to qualify.

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You will have to ask your banker. You can't always. The spouse's credit may not be good enough.

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When you marry, you become ONE, therefore what's his/hers is yours and what's yours is his/hers. That includes a bad credit report. On the brighter side, bad credit can be corrected (usually within 7 years your record is wiped clean if you maintain accounts). Good luck. The first answer is incorrect. Each person with a Social Security number can establish credit in his or her name. State law governs whether one spouse can be held accountable for debts the other spouse incurred while married. (Community property / community debt states. Debts before the marriage are not factored in. Your bad credit doesn't affect your spouse at all--unless you co-sign on loans or co-apply. Kyla is correct - your credit can NOT be affected by a spouse's credit unless you have co-signed a loan, open a joint account, file for a joint bankruptcy, or a tax lien is placed on a joint tax return.

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A deceased person's debts and assets are handled according to the probate laws of the state where the person resided. If the married couple resided in a community property state the surviving spouse may be responsible for debts of the deceased spouse even if said debts were solely made. If the married couple resided in a non community property state the surviving spouse is not responsible for debts solely incurred by the deceased spouse. If he was the only signer, then you need to talk to the lender and find out where to send a "certified death certificate". This should take care of the account as the lender will show this as a loss. If you are signed on the application with him--then you have 2 options. 1. You will have to pay, as the accounts will have to be paid off or it will affect your credit; or 2. you file bankruptcy because you do not have the capacity to pay the accounts. I am sorry for your loss--good luck.

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No, she said last night, It was a good thing she wasn't married because she wouldn't want her spouse to see her charge cards.


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