Just getting married will not affect your credit score, since your credit reports are not merged. However the way you handle your financial life, expenses and bank accounts will do so. For example, many married couples prefer to have joint accounts for sharing money. Meanwhile, your existing accounts remain the way they are since your spouse’s name will not be automatically added.
When you can add your spouse to your accounts, your spouse’s credit history will show up under that account. And when your lender conducts a routine check and see that your spouse have late payments or a bankruptcy, there may be problems. This is especially touchy if your loan comes with a universal default clause.
The main reason to add your spouse to your account is to simplify money matters – for example sharing the same credit card account for expenses. However, you are now responsible for everything your spouse purchases on credit. Unless you understand each other’s financial habits, things can go sour. For this reason, many couples choose to have separated accounts to avoid complications. This way, they can avoid both spouses ending up with bad credit.
In the same manner, it is not advisable for all accounts to be under a single spouse’s name. For example, if all credit accounts are in the husband’s name and they decide to divorce or he pass away suddenly, the wife can suffer undue financial stress. The spouse will also end up with no credit history and cannot get a loan easily.