How are FICO scores calculated for married couples?

[Michelle]

We’re getting married next month and was wondering how will it affect our credit in general, and more specifically – how are FICO scores calculated for married couples?

[Joey]

Married couples DONOT have joint FICO score

Credit scores are individual, and continue as such even after you marry. However, since most married couples have joint accounts (either a joint bank account or a joint car loan, joint credit card or a home loan) – your spouse’s credit habits and profile does have an effect on yours.

For example, if your spouse maxes the joint credit card account – it raises YOUR utilization and affects YOUR credit. Another example is when you’re late on a payment (be it a joint car loan or a mortgage) – the late payment will go on both of your credit reports and will affect both of your FICO scores.

Additionally, when you apply for new credit as a couple (e.g. car loan) the creditor will pull both of your credit reports and scores. He will also calculate your combined debt-to-income ratio (DTI) for the lending decision.

[Credit Report 101 Admin]

For more information see Marriage and Credit Scores.

[Author]

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