Will my bad credit affect my spouse?
Each individual has its own credit report associated with his or her SSN and name. Therefore, your may have a different credit score than your significant other. Marriage does not automatically merge the credit reports of the newlyweds. And if you continue having separate debt, each of you will be responsible for the history associated with this debt, separately.
The situation changes when both spouses apply for a loan or a credit card as co-signers. You both will be responsible for repaying this debt equally, and this account will be reflected on both credit reports. So if you are the one driving the car and making payments on it, while both of your names are on the loan, your late payments will be reflected on your spouse's credit report that will affect his/her credit score negatively. The same is true with the joint credit cards and mortgage.
Moreover, if your spouse has a good credit history but your report is not that great, you may not be able to qualify for low interest rates or simply new credit cards as a couple, because both of your reports and scores will be evaluated by the lender if you apply together. And keep in mind, that you may also not be able to rent a decent place for your new family, as your prospective landlord will look at both credit reports before he/she will sign the lease with you. If only one of you has a good credit, it may not be enough to let you in that large apartment or house you wanted to move to. It may be very unfair to your spouse; it is like taking away those opportunities that your spouse could've had without you.
Credit repair is an appropriate and a very effective solution to provide your family with the higher chances for financial stability. You can rebuild you credit history and increase your score. Doing so will help you and your family to get better credit opportunities.
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