5 Married Myths of Credit

Several misconceptions emerge once once you tie the knot, What happens to your credit reports and credit scores when you get married? There are all kinds of common misconceptions about merging reports and falling credit scores. Luckily, these myths aren’t true. Here are the five most common marriage and money myths:

1. Our credit reports will now become one and merge together

This is one of the most common marriage credit myths. The truth is, credit reports are a reflected off one’s individual Social Security number. Considering your Social Security numbers don’t merge when you get married, neither will your credit history. Since your Social

2. With marriage, comes lower credit scores

Wrong. Charging those flowers you specially ordered for your wedding or extending the hours of your DJ will keep your credit card debt in place, well in place that your wedding and honeymoon may actually harm your credit scores, but (hopefully) the act of getting married will not. Nothing automatically changes on your credit reports when you get married, so nothing should impact your credit scores.

3. My credit will be erased once I change my last name

You might see updates to your existing credit report, but changing your name once you are married will not erase your credit history. Along with your old name, your new name will be listed as an alias. You do start all over with a new credit history, instead, there may be a few inaccuracies on your report as this transition takes place, so it’s important to check your credit report frequently during this period.

4. My spouse has poor credit, which will damage my perfect credit

You’re not alone thinking this will happen once you get married. Fortunately, your spouse’s past credit history has no impact on your credit profile. Once you open a joint account will any information be shared on both of your credit reports. Note: If you decide to make a major purchase, like on a home, your spouse’s poor credit history could impact your mortgage rates.

5. I can no longer have my own account, I must switch over as a  joint user on my spouse’s accounts

Marriage doesn’t automatically make you an authorized user or co-signer on your spouse’s accounts. If you wish to be added to your spouse’s credit cards, you will need to call the creditors with this request. Please note that being added as an authorized user will not result in the account being factored into your credit score. As for loan accounts, becoming a co-signer for a loan usually requires refinancing.

Now that you don’t have to worry about these common marriage myths, you can spend more time enjoying being newlyweds!

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Original article courtesy of www.credit.com.

 

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