When folks finally take that walk down the aisle they expect to know all there is about the person they're about to marry -- especially all those things financial. Knowing what the other does for a living, their respective earnings, as well as their savings, usually goes with the prenuptial territory.
But what about each other's FICO score?
Being aware of your new spouse's score becomes particularly important for most post-wedding folks, for after the "I do's" are said and done the purchase of a new home is often just around the corner. And one of the first steps in obtaining a mortgage for that new home is the lender's need for FICO scores. Finding out the other's FICO score at this critical juncture can bring unnecessary stress to an oftentimes already nail-biting situation.
If you're hoping your new spouse's score will remedy your poor history and bring your pre-wedding score up to par, think again. While the wedding vows merge couples together both heart and soul, and even legally in a variety of ways, the same is not true for FICO scores and credit reports. The score you had before the wedding is still your own. Even if you have joint accounts together those accounts are still reported on both individual reports.
When it comes to credit, everyone is still an individual.
So, if you're planning to walk down the aisle sometime soon, be sure to consider each other's scores. FICO scores can be purchased here. Take a good look over your reports and make certain that everything is accurate. If you find inaccuracies, be sure to dispute with each reporting bureau separately -- Experian, Trans Union, Equifax. Getting your disputes underway and resolved before the big day will ensure that when it comes to purchasing that new home together, your loan approval will go as smoothly as your wedding reception.
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