A lot of things change when you tie the knot, but your credit score isn't one of them. Your individual scores will stay the same, and getting married will neither hurt your score nor help his. But here's the deal when it comes to buying a house: If you want to purchase the home together, a mortgage lender is going to pull both of your credit scores from all three credit bureaus and base the level of risk they are taking on the borrower with the lowest score; in this case, your boyfriend. That means higher interest rates. If, on the other hand, your income and credit are sufficient to get the loan on your own -- and it sounds like they might be based on the fact that you already own your own home -- you can have the lender factor only your income and credit into the application, which will likely result in more favorable interest rates.
My advice? Shop around. Contact a variety of lenders and see where you can get the best deal. Generally, having a lot of inquiries from lenders will drag your score down, but if you do all of your shopping within a 30-day period, it will show up as only one inquiry and result in minimal damage.
One last thing to note: If you wanted to help raise his credit score, you could add him as an authorized user on a credit card of your own that is in good standing and is more than five years old, says Craig Watts, a spokesperson for Fair Isaac, a company that calculates credit scores. That card will then appear on your boyfriend's score report, along with its positive history, and by extension, will improve his score. How much it improves also depends on what else is dragging it down, but this method certainly can't hurt.
Amy in Baton Rouge, La., writes: I have set up a state-based 529-college savings plan for my children. Last year I contributed $2,400 and my recent statement stated a loss of $2,200. Should I continue to contribute to this plan or put it on a temporary hold until the market rebounds? The plan takes more risk when the children are younger, and less as they get closer to college age. There is a tax incentive in my state for this plan but I do not know if the risk is worth it at this time.
Amy, you didn't mention how old your children are, but either way, I wouldn't stop contributing to your 529 plan. If you're uncomfortable with the risk, most plans offer a safer option -- you can invest in a money market account, a CD, or another guaranteed option that protects your principal through the 529. Keep in mind, though, that these options probably won't keep up with college tuition inflation the way that taking a little risk with investments would.
That said, if you think your plan is the problem, you can roll over to a different state's plan as often as once every 12 months, says Joe Hurley, CEO of www.savingforcollege.com. Because you get a tax incentive for investing in your own state's plan, I'd hesitate to do that. Still, Hurley's Web site ranks the top 529 plans in the country, and it's worth it to take a look.