Marrying a partner’s credit rating
Congratulations! It’s official – you’re in love and nothing will stop the two of you being together forever. Though there is just that small matter of your life partner’s poor credit and past IVA or CCJ, which of course doesn’t affect how much you love them for being the wonderful person they are. But still, you have a little nagging worry about linking your (until now) immaculate credit rating to that of someone who may have had a more chequered financial history. Will bad credit Karma haunt both of you and cast a cloud over your wedded bliss? Find out here.
The good news is that you are not responsible for your future spouse’s bad credit or debt, unless you choose to take it on by getting a loan together. However, your future spouse’s bad credit history can prevent you from getting credit such as joint loans after you’re married. Even if you’ve had spotless credit until now, you may be turned down for credit cards or loans that you apply for together if your spouse has had serious credit problems. Poor credit joint loans will not come at an attractive rate of interest compared to what you (alone) would qualify for, so for the time being until your partner’s credit rating recovers, it is probably wisest and more cost effective to keep your finances separate. Nobody has to integrate their finances when they get married and keeping your bank accounts separate will ensure your partner’s credit rating is not a problem when lenders check your report.
It’s best to sit down and have an honest discussion about this now to agree the way forward. Target improvements which will help both of you. Leaving it till later will make arguments about money more likely and can put a strain on your marriage. Hopefully by now you know why your partner got into financial difficulties in the first place and how they are now dealing with it. Get copies of both of your credit reports and you’ll have the basis for a chat about how you’ll deal with money in the future. If there still is a problem with outstanding debt, consider getting debt counselling together to help you keep on track together. Set up a budget to pay off outstanding debt, so you can see when you’ll be back on an even keel again, giving you hope for light at the end of the tunnel!
Did you know that a consolidation loan could mean you pay less each month? Grouping all your debts together and paying a lower interest rate overall could really help to cut down the amount you pay on a monthly basis. If you think a consolidation loan might help your situation, where you might be able to group your debts together (though sometimes the loan may take longer to pay off and the total payable over the term of the loan may be greater) have a look at www.instantbadcreditloans.net
We wish you all the happiness in the world!