It takes a long time for us to find the perfect partner who understands us and stays with us during ups and downs. Now that you have found that person you want to marry them. However, what if they have a bad credit score? Will that affect your credit rating? To all those who are going to lose their chance of marrying the right person just because of bad credit rating, it’s a myth.
Your credit report is not affected by your spouse’s credit score. The name of your spouse will not be mentioned in your report. Even if your spouse changes her name to yours it will not erase the credit history as they are recognized by NI numbers and date of births. Although, you can help your spouse to improve their credit.
How to help your spouse improve their bad credit situation?
It might not affect your credit score, but will affect your mental peace when other people talk about your spouse for having a bad credit history. You can help them by knowing why they have bad credit and paying off debts by helping them to take short term loans. Although, you must be careful as it might damage your score.
You can apply for short term loans from LoanPig Direct UK Lender as they offer the best short-term loans in the market with flexible repayment options. They are regulated by the FCA and are extremely trustworthy. You can apply for alone online and have both direct lending options and broker options to choose from.
Reasons for having bad credit:
To help your spouse to improve their bad credit, you need to know why they are in bad credit. The reasons might be due to past relationships like divorce, temporary unemployment, or other situations. If it is because of financial irresponsibility you might want to think twice before putting your good credit at risk.
A Debt Payoff Plan:
Bad credit comes with unpaid debts and loans taken by a person. If you need to rebuild it, you must make a debt pay off plan. It might be a bit difficult if the debt is related to your spouse’s previous relationship. Although, you need to pay off these debts to start with rebuilding their financial reputation and credit score.
If the debt is not so much and you can pay it off in a few months but not right now, you can take short term loans from direct lenders. This way, you will have more time to pay off the debts.
Minimize the risk of helping your spouse:
You don’t have to cosign for a new credit card with your spouse with lesser terms of financial responsibility. You can just add them as an authorized user to the card that you are using. As you are a responsible person, a record of payments will be shown in their reports also when the activities are tracked.
Once the rating is improved, you can ask them to sign for a new card alone.