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I look -- profanity back to reality when you marry someone that this is -- -- -- -- you marry that debt and that credit score and their financial history to.
Donald -- president consumer education at credit -- joins us now from Atlanta.
Don't we -- talked about this 4000 times.
My big thing is don't combing the last that I know that it -- -- romantic thing to say about what do people need to know about.
They're partners credit score their credit score and becoming one.
Well I guess this is 4001 man iMac and I don't exactly what he does that.
It -- it's easier to end a marriage than it is to end a relationship with your creditor so absolutely when you get married -- your credit reports don't magically emerge.
They're still maintained at the individual Social Security number level however when you applied jointly for mortgages auto loans credit -- anything that they both of you sign on the dotted line.
Bigger ball equally liable for the payment and you're both equally at risk for any sort of credit damages -- the payments don't get made.
I -- through and nasty divorce.
Person to tell what you recommending I mean you recommending not only for you not by you recommending keeping separate accounts about the marriage distinct taste of -- happens.
Makes things a lot easier and less expensive.
What this is -- this is not an atypical of that 50% of the people in this country who get married also get.
I am absolutely advocating that you maintain complete credit independence even after you get married I recognize that that's not romantic it's not old fashioned and -- not old school but -- in 2010.
This is how you have to manage credit adversity that half the people watching are -- -- get divorced.
And it doesn't matter what the court says just because the judge says that you pay -- that you pay that.
The Lander is not a party to that agreement and so they don't care what the courts as base still maintain.
That both parties are equally liable for the debt and -- one party doesn't make the payments even though they are supposed to you.
Then both parties are gonna suffer -- Lives but John and it's one thing to say if Jessica's a lot of getting married later let's try to keep as much separates we can we've had -- -- the night together you probably buy a house.
You know you start to put money -- for the kids in college all of -- sudden you're inevitably coming milling what do you do from there.
Yeah I -- a lot I recognize that this is not come.
Fully -- realistic for everybody across the board and and many cases you need two incomes to qualify for a -- especially for mortgages so you're gonna have to apply jointly.
For the mortgage but at the very least now you recognize.
That if you applied jointly then both of you are not only on the hook for the wallet -- Both of your credit reports and scores and risk are going to be -- When pricing -- that months if you marry somebody with poor credit and you have good credit.
Recognize it when you applied jointly you're not gonna get as good of -- -- as you would have got if you -- applied on your loan because the bad credit is going to serve to hold down.
-- overall rest and it's gonna cost you more to finance the Honda car credit card whatever it -- -- John obviously the time to bring up this subject is not right when you've hired gene -- -- -- our last -- And you're you're spreading -- Ted Olson flower petals on the floor of the limousine -- I had you -- approached this so that it sets in a tactful way.
-- that the time to bring that's not that does not want the planes flying over the meadowlands where that Monica will you marry me sign behind.
But -- -- debris that's not.
As well in advance of any sort of -- -- yes obligation or commitment to -- out there.
We've had this discussion many times it's not romantic to the -- credit credits went over glass of champagne but it's very very practical.
And and a significant percentage of the people who get divorced in this country get divorced because of money -- it's not just infidelity.
It's money issues and when you marry into a great amount of debt and you didn't know what upfront it if there's a ton of stress on the marriage.
Because then -- that follows both of your -- -- you can get out from underneath that.
Eleven pages at the meadowlands by the -- still I think well and older people old.
Senior citizens close student virgin of dying people lakers tonight we get it.
But yeah these young people -- you know Cinderella.
Prince charming is gonna sweep me off my feet -- super I have no -- is still a -- parents he'd rally that not -- either could be spent on the ring.
So the way they see it is this is a great time to start a life together what kind of advice you have for them.
Plot that that's a very very good point and when you're early on your credit life cycle and I disagree do you have one foot and a bright spot -- and I'm older than you.
-- -- when you're starting that credit life cycle together.
That's fine but at least you have a I had the opportunity to establish a dig out of -- -- why one of the most difficult things to do is to rebuild credit.
After you've gone through some sort of a bat like a divorce or -- bankruptcy.
If you recognize that there's only you only have one opportunity to build properly.
That's great -- -- together built properly maintain joint accounts if you'd like to but understand.
That you you've got it to avoid credit card debt and a one party misses the payments that related to the other party should be the one who's responsible sitting down at the end of the market -- paying online -- writing that check because they may be more responsible.
Giles higher president of consumer education for credit dot com joining us from Atlanta thank you John thanks dad.
-- thought the quieter I don't wanna read a tweet from must entail PNC book's rights we stopped worked everything out advanced -- literally off the engagement tape a leap of faith.
Can I -- my -- he -- I pleaded act asking people how -- -- And someone jokingly wrote to get to but any year.
-- that film look you can -- back here at Atlanta.
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