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| The Basics | Is bad credit contagious?
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It takes two
The issue right now, however, is not how the two of you will share a theoretical debt, but whether his good credit can "catch cold" from your bad credit.
In short, the answer is no. Each of you has a separate history with the credit bureaus and, therefore, a separate credit score. At the same time, if your husband doesn't help you establish good credit, he could suffer as a result. For example, if he does not have sufficient income by himself to purchase a home, he will need you to co-sign in order to qualify for a mortgage. Your income and your credit score may be crucial in qualifying for a lower rate -- or even getting the mortgage at all. This Bankrate calculator can help you determine how much house he can afford on his own. If you apply together, you should list him first on the loan application so that his credit history is the first one the lender reviews.
A marriage is a financial alliance, Lacey, and you two are a team. Luckily for both of you, if you work together, communicate openly about your finances and pay bills on time, his good credit will heal your bad credit -- not the other way around.
Justin Harelik is a practicing bankruptcy lawyer in the Los Angeles office of Price Law Group.
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