Q: My fiancé’s credit rating is very poor. Should I postpone our wedding until he repairs it?
—L.A., OSHAWA, ONT.
A: “This is a fairly common situation where one partner has a poorer credit history,” says Patricia White of Credit Counselling Canada. “That’s why we encourage prospective partners to be fully aware of each other’s financial circumstances, including credit reports.” But delaying your wedding really depends on the extent of his credit issues. If he has accounts in arrears or judgements the situation is very serious, White says. If you go ahead with the nuptials, you would need to ensure that everything is kept separate, including bank accounts. However, if he has paid off his previous debts, his credit score will improve in time, provided he continues to use credit responsibly. For now, though, his lower score may impact your ability to take out a mortgage in both names or may mean higher interest rates for joint credit products.