When a couple gets married and creates a joint account/merges their money, do they retain individual credit scores? And if there is a credit card associated with the account, how does its credit affect them both?

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Posted by Cameron (MONEY FORUMS: 5, Answers: 0)
Asked on December 7, 2015 5:52 pm
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It is critical to note that every person maintains their own credit score, even if you have only joint accounts.

In fact, other than loans that are specifically co-signed (such as car loans or mortgages), the account may only affect one person's credit score. For example, I have a credit card, and my husband is an authorized user. His actions affect my credit score, but not his (every once in a while you can get a bank to report your activity as an authorized user to the credit bureaus, but that is rare).

Both spouses should maintain their individual credit scores by paying all debts in a timely manner, and reducing credit utilization.

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Posted by Hannah Rounds (MONEY FORUMS: 0, Answers: 17)
Answered: December 8, 2015 10:51 am
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Depending on what type of account you have, the result on your individual credits would vary. After marriage, if you create a joint account, then the credit builds based on the couples combined use of that account. However if the couple keeps their accounts separate, your credit scores will remain individualized.
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Posted by Lily Woodbury (MONEY FORUMS: 6, Answers: 3)
Answered: December 7, 2015 7:01 pm