Credit & marriage

I have bad credit due to medical bills and getting married in September. Will my credit have any impact on my soon to be husband?

Terry Says:  Interesting, I just posted a response to a very similar question — but from a man who plans to get married.  First, I encourage you to go to Amazon.com and purchase my latest book —  The New Love Deal:  Everything You MUST Know Before Marrying, Moving In, or Moving On!   It covers all the details of this situation, as well as how to plan for money in marriage.

To be more specific, I can definitely say this will impact your spouse.  The first impact will be the inability to buy a home together.  Your bad credit will ruin his chances of getting a mortgage.  Now, he could put the house or condo in his own name to avoid this problem, but then you are not building any new good credit in your own name.  And if you declare bankruptcy, this will haunt you for ten years.

Depending on the state of residence (some are “community property” states and automatically blend your assets and your credit) this situation could impact your spouse in a wide variety of ways  — whether getting utility services, auto insurance, life insurance, etc.  All look at credit reports to access these services and credit influences pricing and availability of credit.

Let me give you a free and helpful resource — the Consumer Credit Counseling Services –Call them at 800-388-2227.  That will connect you to the nearest local office.  They know the laws of your state, and can tell you how your situation will impact you in marriage.  This doesn’t mean you shouldn’t get married.  But it does mean you must tread carefully in planning your financial life together.