Consolidating debt affects credit
A person's income and availability of assets also affects the credit rating or score he or she receives.
When an individual wishes to secure a mortgage or car loan, he or she must have a sufficient credit rating.
Don’t add another loan payment to your budget if you need cash or want to consolidate debt.
Use credit wisely and use new car loans to work for you by refinancing to turn the equity that is in your vehicle to cash.
Both you and your spouse should make sure that you pay your bills on time because late payments are the fastest and easiest way to destroy your credit rating.It is important, therefore, that couples discuss their financial positions before getting married.Being aware of your spouse's credit history can help to maintain a healthy financial position after marriage and reduce financial strain.Hello, It’s not the act of marriage but how you deal with the assets after you are married that could potentially affect your credit score. As long as you two have separate accounts, one person’s bad credit history will not affect the other spouse’s good credit score. If you have a good immunity & keep a good personal hygiene, not to touch everything the sick kid touches, you may be fine. The minute you comingle your assets, such as having a joint account or applying a joint credit card, you may risk your stellar credit history being tainted if the other spouse misses another payment. Marrying some with bad credit won't affect your personal credit score but it could have an impact in other ways.
It’s like having a kid who got the cold from the school. Thus, the prudent thing to do is to initially maintain separate financial accounts and coach the other to learn personal finance and gradually improves his/her credit score. Say you want to buy a house and you shop for a mortgage based on both credit scores.If a person is unable to demonstrate an ability to repay debt, his or her request for a loan will be denied.