MARRIAGE AND CREDIT SCORE !!

Getting married is a wonderful moment in life, but it can affect many things, including your credit. The importance of living a financially disciplined life is to be understood. Following are the few impacts on CIBIL Score:

No immediate impact or direct impact: There is no way a marriage affects an individual's scores as all the while both of you have held individual accounts and credit cards.

If you marry a person with low score: Your spouse's low score will not pull your score down, but when you are taking a joint loan, you may have to pay a little higher interest.

If you marry a person with high Score:  If your score is lower than your spouse, do not expect to improve your personal score. In fact you may have to pay up a little extra interest in case of joint loan applications or if your score is very bad, you may not be granted any loan.

Joint accounts:  Many couples hold joint accounts together. Although your spouse's bad credit rating may not affect your individual credit score, if that person continues to be irresponsible about debt repayment, both of you may suffer if you maintain a joint account. However, there are several actions you can take to protect your credit rating. For example, do not sign joint agreements, limit authorized users and keep checking accounts separate. These recommendations will help you to keep control of your finances and preserve your good credit.