How much does your credit report affect your spouses?

Question

I am currently in a serious relationship, and marriage is in the cards for us in the future. I have been upfront and honest with him about everything in my life, but when I was younger I defaulted on a credit card and now my credit score is sh*t. I am taking steps to pay it off, and fix it, but I know that my credit score won't jump up after paying it off.

Will it take 7 years for my credit to be good again? How much will this effect his credit if he marries me? I'm so embarrassed and I know I should tell him, I just don't know how.

Answer 1

You're going to have to tell him eventually since you all will most likely make joint purchases such as vehicles, homes, furniture, etc.  Your credit is your credit.  The only way it begins to affect your spouse is when you have added them or they have added you as an authorized user, coapplicant, cosigner, or maker on a loan.  As for your score, believe it or not it will jump once you pay off the debt.  The credit reporting agencies may keep it for 7-10 years on file, but above all else make sure they list it as a paid debt.  If that is the only negative mark against you and you have utilized less than 30% of your revolving credit, you should be around the mid 600 FICO range.

Answer 2

The derogatory will stay on your credit report for 7-1/2 years from the date of first deficiency.  However, the older the item, the less impact on your score.  If you pay everything on time, you will slowly rebuild your credit.

You need at least 24 months of consistent, on time payment history to start improving your score.

Answer 3

Your credit does not affect your spouses credit.  It's all yours, baby.  What your low score will affect is anything you apply for jointly, like a mortgage.