In my last post, I discussed when to apply for a mortgage jointly and when to apply individually. In this post, we talk about the final consideration of marriage and credit.
Marriage and Credit Consideration #4: Leverage Your Spouse’s Credit Score
Is your credit bad? Consider the bankruptcy facts. If you went through a bankruptcy prior to meeting your spouse. Perhaps you lost a job and were late on payments. Or maybe you experienced a foreclosure or repossession.
In any case, some spouses have poor credit and need to take drastic steps to quickly build their credit scores.
Here’s a great strategy: let’s say you have a subprime credit score, and your spouse has a good score with a lot of available credit. You can transfer some of your debt to your spouse’s name. At a later date, when your credit score begins to improve, you can call your credit card company, ask for a higher limit and a lower interest rate, and then transfer debt back into your name.
This is the last of my marriage and credit considerations. Considering these approaches will help you not only preserve your credit score but also position your marriage for financial opportunities!
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