When you fall in love and pop the question, the last thing on your mind is how getting married affects your credit. Unfortunately, for many couples, this can be a life-changing crisis. If you marry without knowing what each other's credit history is like, you could be in for some upsets.
The first year of your marriage is a time when you are planning what you will do for the rest of your lives. This may include buying a home, having a family and buying some new furnishings. Now that the two of you are husband and wife, what's yours is hers and what's hers is yours, and the other way around.
You are now one and so are the debts and good credit or bad credit. Since you did not discuss your credit history before marriage, you may be in for some surprises. Let's say for instance, you want to buy a house. You look around and find your dream home. This is the place that you want to spend the rest of your life living in and raising your children. Now you go to the bank to apply for a loan. After you fill out the application, the bank does a credit check on both of you. Remember, husband and wife is togetherness and this includes the credit check and the loan.
The loan officer calls you to say there is a problem with his or your credit. Panic sets in and you wonder what you can do now. Stop right there and do not make any rash decisions or remarks. You married for love and not for each other's credit. There are some things that you can do. First, find out what the problems are and ask the loan officer what type of solution may be warranted.
Pay Down the Bad Debt
You may be able to pay down the bad debt so that you can get a loan for your new home. If the loan price is below market value, you may be able to consolidate the bad debt with the home loan. Some banks may recommend a consolidation loan. There are options that can be considered. Life is not over by all means, you have just hit the first roadblock in your marriage. As long as you have love, you can overcome any obstacle. Talk with the loan officer and see what if anything, you can do. There is always something you can do. It might take a while, but there is a solution.
If you are getting married, the last thing on your mind is your credit history. Even if you take marriage classes before getting married, these classes never mention the credit history of either party. If this is a real concern for you, you can discuss it before marriage, but will that really make you change you mind? Probably not, but maybe a prenuptial agreement could take the responsibility off you and help a little when you apply for credit. It would have to be a detailed prenuptial agreement to stop creditors from seeking money from the party that has good credit and a good job.
