Wedding vows often refer to the union of two souls, but fail to mention the union of credit scores. The truth is, to some degree, your fiance's financial past will haunt both of you after you're married. While your relationship may last forever, you can take comfort in the fact that your fiance's current credit score will not. There are a number of things you can do to mitigate the damages.
Your Credit is Your Own
There is no instant merging of credit reports once you're married. In fact, you could go through your entire life with only your credit score to consider if you never signed a joint account with your new spouse. Provided you have the income to qualify for the things you wish to purchase on credit or to lease, you could protect your score from your partner's negative history by applying for everything in your own name.
The Shadow of His Foreclosure
It will take seven years for your partner's foreclosure to drop from their credit report, meaning that for seven years, you would not be able to apply for joint credit without both of your reports being pulled. Once you have joint credit, your spouse's credit can weigh you down, making it difficult to qualify for things for which you once qualified. Some landlords pull the credit history of anyone over 18 residing on their property, meaning they want a full credit picture of everyone responsible for paying rent. Obtaining credit cards and auto loans may be a greater challenge if you are counting on both of your incomes and credit score to qualify for them.
Make a Plan
Because you're fully aware of your fiance's credit problems prior to entering into the marriage, you are in the position to make a plan to deal with it. Speak with a mortgage broker to find out how long you'll need to wait to apply for a joint mortgage and plan to rent until that time. Find landlords willing to overlook a foreclosure or to depend on your credit report alone so you'll have a place to live while you work together to rebuild your partner's credit.
Work on His Credit
The good news about credit is that no matter how hard a tumble a credit score took due to a foreclosure, that score will rise again with proper intervention. There are things you can do to help. Sign your partner on as a joint-user on your existing credit cards. Simply being associated with those cards, your spouse's score will begin to rise. Co-sign for small loans for your spouse and pay them off right away, so the damaged credit report will show obligations as "paid in full." Encourage your partner to apply for a secured credit card from a company that reports monthly to all three credit bureaus.
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