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How to handle credit differences within marriage

Posted on Sunday, July 14th, 2019

When you get married, you and your partner may choose to combine your financial forces. But what does that mean for credit? If your and your spouse’s scores vary significantly, it could be a source of friction in your relationship. Below are some pointers on how to handle credit differences within marriage.

Each of you is in control of your own credit. You will always have an individual credit report because that information is tied to your Social Security Number; being married doesn’t change that. It’s when you and your spouse take on loans, credit cards, and lines of credit together or co-sign other borrowing agreements that it matters. In such cases, if your spouse doesn’t have the greatest credit, this impacts your chances of being approved for offers and securing lower rates and better terms.

One partner’s bad credit doesn’t have to be a hurdle, but you need to have a strategy when it comes to applications. If you have the better credit score and are concerned about having your joint application rejected, you can also apply for credit under your name and add your spouse later as an authorized user.

No matter what, it’s essential that you discuss credit and get on the same page. After all, it helps if you are working toward the same financial goals. You may even find that it works best to avoid mixing credit together for a while until your partner can raise their score. Here are a few ways you may be able to help your spouse improve their credit:

  • Help them understand credit better and use it more responsibly.
  • Open a short-term joint credit account.
  • Encourage them to apply for a secured credit card.

Financial issues surface often in marriages. By understanding your separate credit situations, and potential combined one, you may avoid some misunderstandings down the road.

To read more about how marriage affects credit, go to:

  • Will My Spouse’s Bad Credit Hurt My Good Credit?
  • 3 Ways to Help Your New Spouse Build Credit
  • Don’t check your spouse’s credit report
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This offer is for a business, mortgage, student, or unsecured personal loan referred or offered by We Lend USA, LLC®. All business, mortgage, and student loan requests submitted through We Lend USA, LLC® are funded by a third party.

We Lend USA, LLC®  is a lender and also provides loan referral services. Loans are not available in all states. In Alabama, Arizona, California, Florida, Idaho, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin personal loans are provided by We Lend USA, LLC®, a licensed lender. In Alaska, Arkansas, Kentucky, Massachusetts, Nebraska, New York and North Carolina personal loans are issued by We Lend USA, LLC® compliant with state permitted usury laws.  In the states of Indiana, South Dakota, and Washington D.C. your personal loan will be fulfilled via our preferred network of third-party lenders. Your loan agreement will clearly identify the lender. For detailed information concerning We Lend USA’s licensing information please visit www.welendusa.com/rates-terms-and-licenses.

We Lend USA, LLC® has no control over participating third-party lender credit worthiness eligibility criteria. APR/Interest rates will vary depending on individual lender terms. Generally, all individuals applying for credit must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number/FEIN are required. All loan applications are subject to credit review and approval.

You authorize us to make inquiries and obtain and confirm information about you as we deem appropriate for the purpose of evaluating your eligibility for this extension of credit, including obtaining credit reports, verifying your income, and contacting your employer. You also authorize us to provide identification information about you, and our credit experience information with you to others in accordance with applicable law. Duplicate offers received as a result of multiple mailing to the same person are void, as are multiple acceptances of the same offer. This offer is subject to the expiration date listed on your offer letter.

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