Feb 2019 | Experian in the News |

A wedding is a day to make memories for a lifetime. When the countdown to your wedding with the person whom you love draws near, you get busy preparing for every little thing related to your wedding. The first thing that any couple would do is to budget the finances for the big day.


A wedding in India tends to be a lavish affair, and every couple would want to make the most of it by spending on their dream wedding. Owing to multiple rituals and customs expenses during a wedding mount up, and to fulfill those, most couples tend to opt for a wedding loan. Whenever you apply for a loan, banks will check your credit worthiness and credit history. There might be a few questions coming to your mind at this stage – will your credit score get impacted after marriage or will a joint loan be possible to fund your wedding?


We help you bust some commonly held myths about credit scores.

Myth: Marriage will affect your credit score


Truth: An alliance of holy matrimony doesn’t mean your credit score gets affected if your significant other has a different credit score. You need to rest assured of this fact.


However, there are situations that will affect your credit score. A loan applied through a joint account will be the responsibility of both partners. The lender will collect from both partners in case of delinquency. If both of you falter on repaying on time, it will end up affecting your credit scores.

Myth: Your partner’s credit score will impact your chances of getting a wedding loan


Truth: Planning a dream wedding and running short of required funds can put you in a precarious situation. If you are considering taking a credit card or loan to cover the expenses then do keep certain things in mind. The lender will check your credit scores, on an individual basis. If you decide to take a loan with your partner and if both of you have good credit scores, then the approval will be smooth. However, if one or both of your credit score turns out to be bad, then your application may not be accepted.


In case, if an application is approved, then the interest rates and fees would turn out to be higher unless the partner with the higher credit score applies separately.

Myth: Any name change will affect the credit score


Truth: If a name change happens post marriage, then it is quite reassuring that this will not affect your credit score; a name change on the PAN card will not affect your credit score too. However, it is imperative to inform the lender about the development so that it can reflect in all the other official documents. This would help you acquire a credit post marriage.


Once you exchange vows, your financial responsibilities also get distributed. It is important to keep apprised with your partner’s credit score before making any joint financial decisions as, after all, it will pave the way for a happy marriage.

By Mohan Jayaraman, MD, Decision Analytics at Experian Asia Pacific