Love is important in a marriage–and so is good credit. From big purchases such as buying a home, to smaller purchases such as buying a washing machine, credit holds a great amount of power when starting new a life and planning a future together. Credit will determine so many things down the line, so it is absolutely important that this be discussed before tying the knot. If your partner's bad credit is because of poor spending habits, be mindful of such when you are setting long-term goals. Poor credit is not necessarily a deal breaker in a marriage–just be sure to keep separate accounts while you help your partner build good credit. Just because you are now bound together by law does not mean you will be bound together at the Credit Bureau. Keep your good habits while helping your significant other groom their habits. Our friends at Coinage tell us how to bring up the conversation of credit and how to make sure it doesn’t ruin a happy marriage.
Coinage. Life, well spent. Presented by GEICO. About to walk down the aisle? Worried you're not only saying I do to your partner, but also their bad credit? One ring may bind you, but that doesn't mean you're credit score will fall like Gandalf in The Fellowship of the Ring. If you're aware fo your partner's poor credit, make sure to keep separate accounts. Be mindful that if you're applying together for mortgages or loans, you may have a higher interest rate. You won't see a drop in your credit by marrying your spouse, however, it's important to continue your good habits. Pay your bills on time and remember to be mindful of your spending habits. Before making it official, sit down with your significant other and learn about their credit history, spending habits, debt, savings and longterm goals. If it's because of late payments or swiping their cards too many times, this is something to be mindful about in the future. You may love your significant other till death, but a nasty APR could cause some friction down the road. Plan ahead. Knowing what to expect financially will allow you to have a long and happy marriage. Coinage. Life, well spent. Presented by GEICO.