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Your Spouse Can Ruin Your Credit Score


Getting married changes every aspect of your life. It can also change your financial situation. There are several ways that your spouse can ruin your credit. Your spouse’s debt may end up being your debt. You are not responsible for the debt that your spouse brings into the marriage. However, you may be responsible for any debt that your spouse accumulates after getting married.

For example, your spouse gets medical care for themselves or your children. Unpaid medical bills will end up in collections after six months. This could also end up on your credit report. Your credit score can also suffer if you add your spouse as an authorized user to your credit card account.

If your spouse misses payments on any bill that the two of you share, then your credit score can suffer. Payment history is one of the main things that affects your credit score. In fact, even if you only miss one payment on a bill, your credit score can drop by 50 to 100 points.

Your spouse knows your social security number and other important information. This information could be used to steal your identity. Many people end up owing thousands of dollars because their spouse opened an account without them knowing.

It may seem like a good idea to go into business with your spouse. However, this can end up hurting your credit score. Your spouse can rack up business expenses that you cannot afford. Late payments can hurt a business credit score the same way that they hurt personal credit scores.

If you get a divorce, then you may be forced to sell your business or close it. It may be impossible to do this if you have a low credit score. You can protect yourself by monitoring your credit on a regular basis.