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How does Domestic Partnership affect Personal Credit?

I am considering getting a Domestic Partnership with my boyfriend. His credit is not that good, mine is excellent. Will his poor credit affect my credit score? Also, if I (myself only) alone apply for a loan after I get the DP, will his credit also be considered nonetheless?

DickDastardly asked in Finance/Insure/Legal about 1 year ago | Report

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  • Sacri_ordines_by_charism_small
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    Rev.Enant

    Answer to First Q: NO.
    There's this misconception that marriage/partnership can raise or lower your credit. It's not true. Joint applications are where your creditworthiness can effectively go up or down based on your partner's score. But your credit report & score is, was and always will be YOUR report tied to your Social Security Number.

    So
    If you apply alone, only your credit score is viewed (the credit you've earned).
    However, the loan lender may require a JOINT application if they know an applicant is married/DP (many credit unions do this), so it may be to your benefit to apply now rather than after.

    You can especially run into problems on joint loans if it includes a Universal Default clause (in short, they suddenly hike your rates if they find any history that makes you less creditworthy, despite the original terms you agreed upon - often, they'll approve based on your credit, and then months later run a check and hike the rate based on your spouse's score - it's a dirty trick and for some reason remains legal).

    Rev.Enant answered in Finance/Insure/Legal about 1 year ago | Report
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  • 0prr6_small
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    DPs are a state thing and credit reports are a national thing. I have never seen any affect like you describe since getting one.

    Kip Waddle answered in Finance/Insure/Legal about 1 year ago | Report
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