Credit Repair for Couples
If you’re in a serious relationship or are married, chances are you have merged almost everything together. Naturally, many new newlyweds assume their credit scores will be legally combined as well. But this is not true. Even if you’re married, you can’t combine your individual credit history with your spouse’s. Credit repair for couples can be tricky, since there are two credit scores to take into account.
How Credit Scores for Couples Actually Works
Even though your credit scores do not merge, you would be negatively impacted by your significant other’s bad credit score. For instance, if you and your spouse are considering purchasing a house together, both of your credit scores impact the loan offer you’ll receive. So even if you have perfect credit, if your spouse has poor credit, you won’t be able to get the best interest rate on your loan. In fact, if one score is really low, you might not qualify for any joint financing at all.
This is why it can be difficult to build a financial future together. It can be even more challenging when you have a very different credit history from your significant other.
Steps to Repair Credit Together
Thankfully, there are ways that you can work with your significant other or spouse to repair your credit together.
- Start by pulling both of your credit reports from all three reporting agencies. Go through all three credit reports thoroughly, item by item, to make note of anything that is a negative listing. If there is a negative listing, send a letter to the credit bureau requesting validation for this debt. This is a process that can take months, but if you do it, it will be well worth it. Even a single negative removal may significantly impact your credit score
- Pay off any debt that you and your significant other have. This can be a touchy subject to broach. In some cases, one person in the relationship might have a significantly higher debt than the other. Working to pay off any debt that either party has can be beneficial for both of you. This is especially true if you are able to collectively pay off any debt that hasn’t been sent to collections.
- Once you have removed any negative listings from your credit report that you can, and paid off any of your recent debt, consider cosigning a credit card with your partner. If you do this and you keep the card in good standing (e.g. by paying off each of your monthly balances on time), your credit scores may improve.
- Naturally, you want to make a budget together and stick with it if you haven’t already. Record every penny. Get a good sense of where your money is being spent so that you can allocate funds as necessary.
Getting Help from the Best Credit Repair Companies
There are companies out there that can help you repair your credit. They’ll go through all of the credit repair steps for a small fee. These companies can provide a great deal of benefit for couples. They provide an even bigger benefit if you sign up together because in most cases you get a great discount for signing up as a couple. There are a handful of reputable credit repair companies that offer couple programs, which you and your spouse might want to use.
- Ovation Credit offers couples a 20% discount for both parties signing up.
- Sky Blue Credit gives you a couples discount upwards of 16% off the monthly plan, charging you only $99 per month instead of the normal $118 per person.
- Lexington Law offers 50% off the first work fee for you and your spouse when you sign up together.
- The Credit People give you $20 off when you sign up with a spouse.
- CreditRepair.com lets you sign up for just $50 each, and with that you can sign up family or friends too.