One of the many and often first financial arrangements couples make is for example, buying a Tampa Bay home. If you apply together for a loan the lender will pull both your credit scores. If one of you has perfect credit and the other is really flawed, they don’t just become averaged. Lenders look at both scores independently when reviewing an application. It can sometimes be wise to apply for a loan in the name of only one person. But then that person is saying they are solely responsible for making sure the loan is repaid. Secondly, if you apply singly, you will only be approved for the amount that you can secure on one salary, not jointly. So this may mean you will need to settle for less of a home, when really together you can afford more of a home. If you do apply together, it’s important to realize you may not get the optimum interest rate if one of your scores is low. A lender may approve you, but at a higher rate. If you decide that one of your credit scores is going to be a deal breaker, you can always leave the person with bad credit off the loan and put them on the title to the home.

When young couples marry, there is often another problem. One of them has no credit. But remember, no credit isn’t bad credit. It just means they have not established a credit history yet. Lenders will look at them cautiously, but will not completely rule them out as they would someone with bad credit.

So while you always want to marry for love, sometimes your husband or wife will bring a good or a bad gift to the union. Do all you can to make sure you bring a healthy credit score with you!