Getting married, has no impact on the CIBIL Score of either partner directly. As of now we have not reached a situation where prospective life partners, check each other’s credit score before getting married. Employers have begun to ask prospective employees for their credit reports as part of a background check for top management positions and in the financial sector. This trend though common in highly credit driven economies is still in its nascent stages in India.
So coming back to marriage; though there is no direct co-relation between marriage and credit rating.
Credit Rating is an Indicator of Overall Financial Health:
A credit score is an indicator of overall financial health of a person. So whether you are seeking to apply for a loan or not keep an eye on the credit rating. A low credit score could indicate one or more of these; poor financial discipline, a high debt to income ratio, being to card happy or simply poor financial management. Either of these factors, whether alone or in combination with something else does not bode well. When one is getting married and looking at starting a new life with your life partner, then it makes sense to start on a healthy note. If you can identify the problem the sooner you start working on it to remove it the better it is for being credit healthy. Marriages usually bring more than usual expenditure with them; if you are already in a financially tight spot additional burden could put you in a bigger mess.
Be Prepared to Shoulder in More Responsibilities:
When one gets married you are responsible not only for yourself, but for somebody else too and this works both ways. In today’s world when usually both partners are working and financially independent poor financial decisions can still impact the lives of both. Financial planning goals also change post marriage, one may seek at buying a house together or get a vehicle together or add things to their existing setup. If only one partner is working, then that partner’s shares a bigger responsibility financially and he needs to make sure that he is in a position to shoulder the additional responsibility. If both are working, then each should make sure that their credit health should add synergy to the partnership; if required and if both have a healthy credit score, then they can apply for a joint home loan to get a better deal.
With marriage priorities and responsibilities change, for somebody who is already struggling financially or has poor credit habits bearing the additional burden could be a challenge.
A Good Credit Score can help in Saving Money and Time:
Whether single or married an option that can help you in saving money should never be ignored. So when you look for any loan home/auto/personal then a good credit score can get you a good deal on rates and help you save money. A healthy credit score also ensures that your application is processed faster and you are not forced to go from one lender to another because your loan application was rejected.
Starting a new partnership well is important and that works in all areas. So look at your CIBIL report and if required look for a credit solution or follow a few simple yet effective tips to improve your credit score.
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