I always thought credit scores were individual, but after getting married, I noticed my CIBIL score dipped! My spouse has a low score, and now I’m wondering—does marriage actually affect my credit? Could applying for a joint loan or co-signing something make things worse?
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I believed our credit scores would remain individual after marriage until we needed to apply for a joint loan. The CIBIL score of my spouse was low at the time we applied for a joint loan. The bank provided us with a higher interest rate which made me understand that marriage does not combine credit scores but joint loans and co-signed credit cards and shared EMIs impact both spouses.
We currently focus on enhancing my spouse’s credit rating through regular bill payments and minimal credit utilization. When your partner has poor credit scores you should exercise caution.