When people get married, their credit rating transfers over to their spouse so essentially if one has bad credit, they both have bad credit. At least this is how it works out in America.
However if one spouse has good credit, the good credit doesn't transfer over to the spouse. It only seems to work out one way.
Do you think this is appropriate? I mean do you think that a person credit history should have any bearing on someone other than yourself?
Sandra- Is this true? So what you are saying is that my husband's credit rating may come down due to mine i.e., mine was around 750 and my husband's 800 plus about 2 months back. I will get back to you on this one.
Good question. It doesn't seem exactly fair, but credit ratings are maintained by private businesses, not the government, so they can do what works best for them. The consumer is mostly at their mercy. Consumers of credit score information are potential lenders, who probably view a married couple as a single entity.
Two pop-culture money gurus, Dave Ramsey and Clark Howard, have very different positions on credit ratings. Ramsey maintains that his credit score is low (bad) because he never borrows money. He has the cash to pay for what wants. He's happy with that. I've heard Howard advise people to borrow money judiciously for the purpose of building a solid credit score.
True, but government dictates what the "standards" are in reporting your credit score. Plus most if not all lenders are FDIC insured and get their money from the government.
But, yeah. It's like you said they said. If you don't use credit or have no credit history, then you have very bad credit and the other guy says you need to build credit.
It is ridiculous! Of course there are few individuals who can actually purchase a house or something like that with cash because of credit.
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