해외자료 Before you say `I do,' check your prospective partner's credit score_Baltimore Sun_February 21 2005

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Before you say `I do,' check your prospective partner's credit score

By Eileen Ambrose
Baltimore Sun
Posted February 21 2005

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If personal ads were pragmatic, you might see a pitch like this: Single female with 820 credit score seeks single male with 800+ score who enjoys moonlit walks on the beach.

But in matters of the heart, people are rarely practical. It's not unusual for financial opposites to attract, where someone with a good credit history marries a bad credit risk. Often these differences go undiscovered until the two try to buy a house and are denied a loan -- or at least one with favorable terms -- because of a partner's poor money management.

"Unfortunately, we don't always talk about financial issues. It's so unromantic," said Sheryl Garrett, a Kansas financial planner and author of Just Give Me The Answer$.

But romance can be quickly extinguished, too, if one partner's financial troubles spill over onto the other. David Diggs, a family lawyer in Baltimore, said money is the root of 80 percent of the divorces he handles.

The key to preventing money troubles from damaging a marriage is to talk about finances before walking down the aisle. Only after finding out that credit histories are incompatible can couples begin to take the necessary steps to improve one partner's weak record while preserving the other's good credit.

Broaching the topic of finances isn't always easy.

Some financial planners and divorce lawyers recommend that couples exchange credit reports and credit scores before marriage. A score is typically a three-digit number used to predict the likelihood that a consumer will default on bills. It affects whether or not credit is extended to a consumer and under what terms. Top scores are usually in the 800s.

The big three credit bureaus -- Experian 888-397-3742, Equifax 800-685-1111 and TransUnion 800-888-4213 -- sell credit reports. A new federal law will entitle consumers to one free credit report a year.

Granted, it's not romantic to study your significant other's credit history. "It's much more romantic than having a divorce two years later," said Ryan Sjoblad, a spokesman for myFICO.com, which sells the widely used FICO credit score.

Couples with serious financial differences should seek the help of a professional. But here are some general guidelines for dealing with mismatched credit histories:

>Keeping separate accounts. At least initially, maintain separate bank and charge accounts, and work on building up the spouse's weak credit record, advised Barry J. Dalnekoff, an Annapolis lawyer and chair of the family law section of the Maryland State Bar Association.

Another reason to keep accounts separate is to prevent one spouse's weak credit record from damaging the other's record and credit score. Contrary to popular belief, a married couple doesn't have a single, blended credit score, Sjoblad said. So if an 800 score marries a 500, they don't share a score of 650. Each has an independent score based on accounts in his or her name.

But not everything has to be either his or hers. Some planners suggest opening a joint checking account with just enough money to handle household expenses.

Improving a credit record. Credit scores often are lowered by late payments, so paying bills on time can do a lot to improve a score. To get a partner in the habit of meeting bill deadlines, both spouses can set up a time each month where they stay home, order a pizza and sit down to review and pay bills, Hunter suggested.

>Buying a home. This is when credit problems often come to light.

When one spouse is not credit-worthy, lenders often will try to see if the spouse with the good credit record can qualify alone for a mortgage. Both names, though, can be put on the title.

With on-time mortgage payments, the poor credit record will eventually improve. And when that happens, the couple can refinance to get better terms, Garrett said.

To suggest a topic, contact Eileen Ambrose at 410-332-6984 or by e-mail at eileen.ambrose@baltsun.com.

The Baltimore Sun is a Tribune Co. newspaper.

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