Wedding season is upon us! Marriage is about two people sharing their lives, and for better or worse, that includes finances. How your partner handles his or her finances can have a huge impact on your life going forward, but not necessarily in the way that you think.

No such thing as a ‘joint credit score’

You had an individual credit score before tying the knot, and that doesn’t change. John Ulzheimer, president of consumer education at CreditSesame.com, explains that joint credit scores don’t exist because “there is no such thing as a joint credit report. They’re created at the individual level.”

However, there are two main ways in which marriage affects credit. First, if you apply for credit jointly, the credit scores and history of both individuals will be considered by the lender. Second, jointly held accounts will affect both of your scores.

If you plan on applying for credit in the future, then it’s important for both of you to have the best score possible. This is especially true if there is a large purchase, such as a home or automobile, on the horizon. Fortunately, the individual with the better score can take steps to help improve his or her spouse’s score.

Mortgages and auto loans

When married couples apply for a large loan like a mortgage or for a new car, most lenders consider the incomes and FICO scores of both spouses. However, Ulzheimer says that “the lender doesn’t combine credit scores and take the average. Instead, lenders tend to be pretty conservative and will base their decision based on the lower credit score rather than the higher one.”

That means it can make a really big difference if one spouse’s credit is stellar and the other person’s is mediocre or poor.

“Potentially, the lower score could not only cause the lender to extend the credit at a higher interest rate, but could cause them to deny granting the credit altogether,” explains Gail Cunningham of the National Foundation for Credit Counseling.

If you and your spouse plan on buying property, the first thing to do is make yourself aware of the mortgage basics. Assuming that you’re interested in the best mortgage rates available (who isn’t?), you and your spouse should each get your free credit score from WisePiggy. Then you can focus on improving the credit history of the individual with the lower score before applying for a mortgage.

Authorized user versus joint-account holder

There are two options when it comes to adding someone to an existing credit account: authorized user and joint-account holder. If you are trying to raise your spouse’s score, there are some crucial differences between these two options to consider. An authorized user may use an account such as a credit card, but is not responsible for repaying the debt. Joint-account holders may use the account, but unlike authorized users, they are also legally responsible for the debt.

Of the two, Ulzheimer recommends adding the individual with the lower score as an authorized user. Cunningham agrees.

“An authorized user is the best of all worlds,” she says. “An authorized user gets the benefit of the credit activity (hopefully positive) being added to their credit file, but is not responsible for payment of the debt.”

Beverly Harzog, credit card expert and author of “Confessions of a Credit Junkie: Everything You Need to Know to Avoid the Mistakes I Made,” says it’s extremely important to make sure both people are using the account responsibly or both credit scores may suffer.

“When you’re sharing an account or allow someone to be an authorized user on your account, have a conversation up front and set guidelines for the balance and for making timely payments,” she suggests.

Additionally, while adding the lower-scoring spouse as a joint-account holder may help matters, don’t forget about your original accounts.

“People should maintain individual accounts to build their own personal credit footprint,” Cunningham says.

In other words, you should both take steps to maintain or improve your credit scores. This will help prepare you for many years of wedded (financial) bliss.