How Does Marriage Impact Credit Scores? – Episode #27

Marriage means 6 FICO Credit Scores. Your credit isn’t merged, but it is interdependent and you should get joint cards and individual credit cards. You don’t want to be credit score dependent, but I don’t think you should be credit separate either. Too many spouses with no individual credit cards find themselves in trouble if the marriage ends in divorce because they have no credit cards to fall back on. Why? Because in many situations, all the credit cards have to be closed down because of trust issues.

While I believe in joint and separate cards, I believe in full disclosure of credit card statements. This will help protect your credit scores. If this means you have to divulge gift prices as a trade-off for better communication, then so be it. Too many couples engage in “financial infidelity” where they hide purchases and I believe this can be at best, petty, at worst destructive.

One of my favorite stories of “financial infidelity” happened a couple of years ago. A women got an elevator who a shoe box and I asked her “new shoes” and she replied “no they are my friends, she doesn’t want her husband to know she purchased them”.

I wonder what his credit score looks like. Perhaps, he’s over on Lesson 6 – Getting a Higher Credit Score getting educated.

Similar Posts:

• How Does Marriage Impact Credit Scores? – Episode #27
• Does Getting Engaged Impact Credit Scores? – Episode #26
• Marriage, Divorce and Credit Scores – Lesson #5
• Are Credit Card Limits Being Lowered? Will This Impact My Credit Score? – Episode #42
• Single Parents and Credit Scores – Episode #105
• What’s a Universal Default Clause and How Does it Affect My Credit Score? – Episode #20