One of the top misconceptions is that after you get married, you and your spouse merge credit scores. This is simply not true. There is no such thing as a combined credit score.
Another common misconception is that your spouse’s credit score will have an effect on your score (either negatively or positively). If you thought your husband or wife’s good credit score would raise your score, you’re out of luck.
“The credit score is specific to the person who owns it, so does the reputation that goes with it. Only when the couple takes out a loan together would one’s behavior affect the other. If there was missed payment because of the husband, the wife’s credit score will be affected as the loan is under both of their names,” says National Debt Relief.
The article also mentions how some newlyweds wrongly believe that extending a credit card to a spouse would make that spouse responsible for the debt incurred. However, the primary cardholder is the one responsible for payment, and the one who gets the accompanying credit score. Consequently, if one spouse is constantly late with payments, the primary cardholder’s credit rating is the one that gets impacted.
National Debt Relief encourages couples to talk about finances as early as possible. Don’t wait until your first argument before you start seriously discussing money. Have the talk before you get married. If you’re not financially compatible, you’ve got some big decisions to make.