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How Credit Score Is Calculated For Married Couples 

how credit score is calculated for married couples

When two people come together in marriage, it’s a beautiful thing. From buying a home together to starting a family together, marriage unites two lives, carving out a new path for the two people as a couple. But, you may be wondering, what happens to your credit when you get married? How is credit score calculated for married couples?

If you’re married or considering getting married, here’s everything you need to know about how credit score is calculated for married couples.

How Credit Score Is Calculated

In general, your credits score is calculated based on a number of criteria. It takes into account your payment history and debt, the length of your payment history, the amount of new credit you have and types of credit you use. The most popular and widely used credit score calculation is your FICO score.

FICO scores range from 300 to 850. A score of more than 800 is exceptional! Scores from 740 and 799 are also very good. FICO scores between 670 and 739 are good. Fair scores tend to be those between 580 and 669, while scores lower than 579 are poor.

When you get married, you and your spouse keep your individual credit scores. Married couples don’t have a joint FICO score. However, when you’re single, you only have to worry about your own credit. But, when you’re married, your spouses credit habits become relevant.

Why Your Spouses Credit Matters

Your spouses credit habits and score come into play when you fill out joint applications for mortgages or loans. Since you are applying together, lenders will take both of your credit histories into account. In general, though, they will place more weight on the credit score of the person who earns more money.

Problems can arise when one spouse has a healthy credit score and the other spouse’s score is less desirable. If only one spouse qualifies for the loan or mortgage, things can get sticky! If only one spouse applies for the mortgage or loan, the other spouse’s income is not taken into account during the lending process. This has the potential to limit the lending options available to you, inadvertently limiting the size and price of the homes you can purchase.

How You Can Improve Your Credit

Two people are stronger than one, right? It’s great if one spouse has great credit. But, it’s even better if both spouses have strong credit! If you’re married and looking to improve your credit score, USA Credit Repair can help.

We’ve helped so many couples improve their individual credit scores so they can create the life they dream of. Having healthy credit opens so many doors, from getting interest rates to being less stressed about money and credit.

We work to remove any negative marks on your credit report including collections, late payments, charge offs, liens, bankruptcies, judgments, repossessions and foreclosures. Give us a call today at (800)509-5751 to take control of your financial future!