The answer to this question is highly dependent on your financial situation. Here are a few scenarios that will help explain whether or not your boyfriend's bankruptcy will affect your credit.
If there has been a bankruptcy, finances would undoubtedly be a topic of discussion prior to the wedding. How much time has passed? Has he started to rebuild his credit? Or will this issue persist for the duration of your marriage? Determine the reasons for his bankruptcy.
Social security numbers are used for bankruptcy tracking. The good news is that credit ratings cannot be transferred from one social security number to another if you are intending to get married. Therefore, your credit will not be affected by your wedding. Just as his low credit score cannot harm you, neither can your excellent score assist him.
Executed Contracts
If you and your fiancé are co-signers on any contract, such as a car or cell phone, and he defaults on these contracts due to his bankruptcy, you may be affected. Each individual who entered into this type of financial agreement is liable for the borrowed funds. To prevent this situation from negatively impacting your credit, forbid him from discharging any of these loans or contracts. Ensure that you continue paying these expenses on time. If this is not completed, then it will have a negative impact on your credit score.
Mortgage Loan
If there is a mortgage in both of your names and you are in arrears on the loan, this could negatively affect your credit. If the arrears were included in the bankruptcy, this will be reflected in your credit score. If there are no arrears and an agreement is reached with the lender to continue making mortgage payments as usual, you will want to adhere to this agreement to avoid credit damage.
Future Buying Activity
If you intend to buy a home in the future, your boyfriend's bankruptcy and credit will have an impact on your ability to do so. Typically, lenders combine the two credit scores and calculate the average to create a combined credit score. This will result in a higher interest rate and make it more challenging to obtain a mortgage loan. Insolvency is a red flag for mortgage lenders.
Reconstructing Credit
Your boyfriend's bankruptcy will remain on his credit report for ten years. Immediately, he will need to obtain a secured credit card and make on-time payments in order to begin reestablishing his credit. He must gradually improve his credit score to regain the confidence of lenders.
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