Marriage and Money: Saying ‘I Do’ When a Spouse has Bad Credit
Love may make a happy home, but it’s your credit that may decide if you get a mortgage. Check out the dos’ts of merging finances after saying “I DO”.
- Do Talk about your finance early on.Make sure you understand your partner’s goals and expectations to avoid future marital problems.
- Do pay off student loans and credit card as quickly as possible.
- Don’t rely on a high-interest credit card if your partner’s card has lower interest rates.
- Do apply together if you need your spouse’s income to qualify for a loan.
- Do make a long-term plan if your partner’s credit scores need improvement before applying for a mortgage.