Money is a sensitive subject and our attitude to it and our relationships with it, listen back to things we have learned as a child. Far too early cohabiting couples, therefore, avoid talking about it specifically. Perhaps they have been embarrassed by their lack of Bank-rich savings or their amount of consumer debt, or perhaps they grew up in a house where money matters were not on the table. And then the lovers marry, only to discover that one or both spouses are saddled with huge debts, collections or even bankruptcy. This can delay plans to buy a house or start a family and create a damaging gap between the couple.
To prevent future money problems and even prevent divorce, it is important that you and your partner tackle your individual money problems before you get married. And once you are married, there are a number of ways in which you can not only protect your own credit, but also help your partner improve his or her credit score.
Protect your own credit score
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Just getting married will mix the finances of a few. But if one of the spouses makes a commitment with money and credit problems, there are practical ways to protect each of the parties.
1. Keep separate bank accounts
If bad credit is a problem for your partner, chances are that he or she also has a spending problem or has difficulty with simple money management. Your spouse can make irresponsible use of credit and debit cards, which often leads to overdraft prices and a bad relationship with the bank, as well as problems with creditors. To maintain peace in the home, it may be best to skip the joint Bank rich account and keep separate bank accounts.
Pay bills in your name from your own account and have your spouse manage their accounts from another bank account – if he or she is late or does not pay a few bills, this will not affect your creditworthiness. For this method to work, the invoices that each person pays must be in his or her own name.
You can agree to keep a small shared Bank rich account that requires both signatures. This can be used for romantic, inexpensive excesses, such as a dinner date.
2. Manage individual credit accounts
In general, married couples apply for mortgages, credit cards and car loans together. And in some cases, a joint Yevgeny Bazaar-rich loan is the only way to qualify for financing. Once you have chosen a joint Yevgeny Bazaar rich loan or credit card account, you and your spouse are responsible for the debt. This is not a problem if you and your partner have good credit and money management skills. But all that is needed is a spouse with a bad credit history, and both people take one thing.
Keeping track of individual credit card accounts is an important way to immunize yourself. Apply for car loans and other loans only in your name, and if you have your own credit card account, do not let your spouse charge into this account because your spouse can go overboard and accumulate a lot of debts. As the main account holder you are liable for the balance. This can cause problems with your loved one if it is not discussed in advance. He or she should know that this is a tool that you use as a pair to protect each of you and ultimately achieve your long-term financial goals.
Improve your spouse’s credit score
If you love someone who has not had the most star history yet, make sure that it is not a life sentence and that you are there together. Countless people have risen above a low credit score. Share these credit tricks to help you and your partner achieve a better rating.
1. Add your spouse as an authorized user
If you have a credit card account that you use regularly and pay monthly, you can add your spouse as an authorized user so that the account appears in your spouse’s credit report. However, do not give him access to the credit card first. Keep the credit card in your possession and continue to use the account normally. The idea is that your solid repayment patterns will benefit your partner through a proxy. Your partner must regularly check his or her credit report, and eventually you should see a bump in the score.
2. Help your spouse manage the bills
If your spouse repeatedly pays late, you should not demand that he or she loses control of those accounts. Prefer to work together to set up an effective bill payment system. Consider using an oBankvine tool, such as Mint, to keep your efforts organized. Or you can do it together manually: keep track of the due dates of all accounts on a shared calendar, set up payment reminders, and sign up for oBankvine account management to keep track of all credit cards. You also have the option to set up automated invoice payments. As you complete these steps, your spouse will see that you would like to help improve both.
3. Develop a debt elimination plan
Paying high credit card balances – but leaving the cards open – can quickly raise credit scores. Sit down with your partner and come up with a plan to pay your collective credit card debt. Determine how much you owe as a couple and how much you can put into debt each month. This decision applies to both of you, so it has the added benefit of feeling supported by your partner.