Maintaining Good Credit
If Circumstances Change: "How To Keep It"
Relationships can affect your credit status in that your ability to obtain credit can be affected, particularly if one has a poor credit record. However, one partner's poor credit record does not necessarily influence the other partner's credit worthiness. In your relationship, whether you work or not, you should consider either maintaining the credit record you had before you were married, or consider establishing one of your own. You can maintain your own good credit history by keeping your own credit and bank account, and not applying to have your spouse added for joint responsibility.
When a major purchase such as a car or a house is from joint income, credit grantors will combine both your credit records and consider you as a unit. In this situation, a poor credit record could lessen the value of the other's good record.
You may be asked for information about total family income when you apply for credit. The credit grantor is allowed by law to ask these questions, and their reasons for this are justified, especially if you are using the income, or if you are applying for more credit than you yourself can afford from your own income.
You should discuss the options available from credit grantors for all accounts. These might include an alternate card for the account, a joint account or an individual account based on alternative income sources, ie., bank accounts, home equity insurance policies, stocks and bonds, etc. You may request that the credit bureau assist by establishing a credit file in your name. This file will list:
- your personal accounts; and
- accounts held jointly for which you are both liable for payment.