Effect spouse can have on credit score

Marriage is a momentous occasion – it can bring financial security, happiness and a number of other benefits. In fact, it's even possible for your spouse to have an impact on your credit score.

Spouse can have positive effect on credit score of partner
According to Time Magazine, a spouse can help raise a partner's credit score. One way the source indicated that this can be done is to make sure that both partners in a marriage are keeping credit card debt to a minimum. The principal factors that go into determining a credit score are bill payment history and the particular level of outstanding debt.

So, if you know that your spouse has a bill payment coming up and notice that he or she is working hard and might forget it, it would be a prudent move to remind your spouse. By doing this, your credit score will continue to be good, especially if both partners in the marriage are responsible with money and punctual with bill payments. 

Negative effects that can result from lack of balance in credit scores
Time also drew attention to the many negative effects that can stem from the poor credit score of a spouse. For example, many couples are probably eager to open joint accounts, a common step that allows couples to take out a mortgage together, as well as a variety of factors, such as auto loans. Auto loans are a good example of the reciprocal nature of credit scores – as both partners are likely to use the vehicle, it will be advantageous for both to ensure that the vehicle is safe and being paid for. The same principle applies to credit – not only will the negative credit score of a particular spouse hurt their own economic prospects, it will also diminish the chances for both partners to act together. 

"You might find yourself completing an apartment lease application while you work to rebuild your spouse's credit history," said Rod Griffin, director of public education at Experian, according to the source.

Therefore, if you want to buy a home and be able to begin a flourishing life with your spouse, helping to encourage your partner to make responsible decisions with money will have beneficial effects in a number of areas.

Given the interconnected nature of marriage, having many joint accounts may be a good way to maintain good credit among both partners, helping as well to cultivate a shared sense of responsibility about the effects irresponsible buying habits can have on the marriage and its future prospects, such as the happy result of paying off a mortgage for many years.  A mortgage is a significant example of the influence the credit score of a spouse can have on the process of acquiring a loan. Credit.com reported that a large imbalance between the credit scores of partners means that the couple in question runs the risk of getting stuck with a mortgage with a higher interest rate.

This will make the mortgage more difficult to pay off. Given the industry and hard work that goes into the process of paying off a mortgage, it will benefit a couple to consider ways to address high interest rates, and the many ways to reduce them. Many mortgage lenders are on the lookout for a specific type of person to give a loan to. Unsurprisingly, a steady source of income is a key factor in getting a reasonable mortgage rate, according to Credit.com. Likewise, it's likely that a lender will be showing a critical eye to you and your partners past credit scores, so it's paramount that you ensure you engage in behavior that will achieve a good credit score.