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A name change doesn't touch your credit score: but the accounts you miss surface when you apply for a mortgage
Updating your bank accounts and credit cards after changing your name isn't hard in itself. The tricky part isthat you're bound to miss a fewand those missed ones will only pop up when you apply for a mortgage.
Let's start with a common misconception
Changing your name won't affect your credit score.
Your credit record is tied to your Social Security number, not your name. After changing your name, your credit history remains fully intact, and your score won't reset to zero or drop.
This misconception makes some people hesitant to change their name, but there is really no need to worry.
The real issue is "missing" them
Most people have more accounts than they remember: your primary bank, a few credit cards, an old savings account you haven't used in a while, a department store card, an account opened back in your student days, brokerage accounts...
When changing your name, you'll take care of the main accounts you use and leave the rest under your old name.
Then, when you apply for a mortgage, the bank pulls your credit report and finds records under two different names. That creates an issue you have to explain, which at best requires extra documents and at worst delays your loan approval.
Solution: Pull a credit report as your checklist
This is the most effective step.Go to annualcreditreport.com Pull a free credit reportThat is the official channel mandated by federal law, and all three major credit bureaus (Equifax, Experian, TransUnion) are on it.
The report will list all accounts under your name, including the ones you forgot about long ago. Use it as a checklist to check them off one by one.
Pull it again a few months after making the changes to make sure all your accounts are updated.
How to change it
- Banks: Most requiregoing in personto process it. Bring your certified marriage certificate and new ID
- Credit cards: Just call customer service or do it online, usually no trip needed
Pay attention to the order:Get SSA and DMV taken care of first(See items 11 and 12 on the list), because the bank needs to see your new ID. Without a new driver's license, the bank won't have the proof they need to update it for you.
Two things you can take care of while you're at it
- Joint accountsIf you plan to open one, you can get it done on this trip as well. It's also one of the strongest pieces of proof for a spousal green card application (see items 59 and 22 on the list).
- Emergency contacts and beneficiaries on your accountsMany bank accounts let you designate a POD (payable on death) beneficiary, which is just as important as an insurance beneficiary (see item 19 on the list).
Prioritize airline miles
Even though it's not a bank, the name on your mileage account must match your passport, or elseyou won't be able to earn miles and might run into trouble boarding. This one should be handled early on (see item 66 on the checklist).
In short
Your score won't be affected, but remember to pull a credit report to use as a checklist, because you actually have more accounts under your name than you remember.