It may not be the most romantic topic in the world, but at some point
you will have to address the issue of your credit when you get married.
Aside from all the wonderful years you will spend together, marriage is
essentially a legal contract, which means your finances will be tied
together. First of all, you will need to consider whether you and that
special someone want to get credit together, and how their credit will
affect yours.
It is important to remember that when you get married, you don’t take on your partner’s credit and they will not take on yours. With that little myth out of the way, let’s focus on what could lead to your credit getting cosy with that of the person you love. There may come a time when you decide you would like to finance something together, like a car; that is all fine and dandy, but if you have bad credit and your partner’s is poor, you may hit a few dead ends. Your individual credit scores may be judged separately, and whether they are will depend on the financial institution you wish to get finance from.
So let’s say you have great credit, but hers is poor, what should you do? First, I would recommend taking a quick peek at each other’s credit reports. The time for secrets came and went when you walked down the aisle, so picking your reports apart is a good idea. You may find that there are negative marks you can address, unpaid debts that need to be paid off, and an unusually low score you would like to raise. If all of this seems a little confusing, consider credit monitoring to make the process clearer.
Once you have laid your reports bare, now is the time to make them better. Both of you should focus on working towards paying off debts, and removing negative marks that are inaccurate. In the case of existing negative marks, make sure all of the information recorded is as accurate as possible. So why is doing this important? If you both improve your scores, you stand a better chance of accessing credit that will offer you a lower APR. Really, it makes sense to do put off securing finance for a brief period of time, build up your score, and get an APR that is, for example 14.9% APR rather than 29.9%.
When you do choose to analyze each other’s reports, consider seeking impartial advice, like having them monitored. Not only will this give an in depth analysis of scores from all three bureaus, it will raise the alarm when it comes to identity theft, which is particularly useful for false negative marks. Best of all, you’ll be less likely to have one your first lovers’ tiffs over improving your finances.
Get more information about credit monitoring, credit monitoring service, credit score monitoring, credit reports Please CLICK HERE http://www.bestcreditreports.com/
It is important to remember that when you get married, you don’t take on your partner’s credit and they will not take on yours. With that little myth out of the way, let’s focus on what could lead to your credit getting cosy with that of the person you love. There may come a time when you decide you would like to finance something together, like a car; that is all fine and dandy, but if you have bad credit and your partner’s is poor, you may hit a few dead ends. Your individual credit scores may be judged separately, and whether they are will depend on the financial institution you wish to get finance from.
So let’s say you have great credit, but hers is poor, what should you do? First, I would recommend taking a quick peek at each other’s credit reports. The time for secrets came and went when you walked down the aisle, so picking your reports apart is a good idea. You may find that there are negative marks you can address, unpaid debts that need to be paid off, and an unusually low score you would like to raise. If all of this seems a little confusing, consider credit monitoring to make the process clearer.
Once you have laid your reports bare, now is the time to make them better. Both of you should focus on working towards paying off debts, and removing negative marks that are inaccurate. In the case of existing negative marks, make sure all of the information recorded is as accurate as possible. So why is doing this important? If you both improve your scores, you stand a better chance of accessing credit that will offer you a lower APR. Really, it makes sense to do put off securing finance for a brief period of time, build up your score, and get an APR that is, for example 14.9% APR rather than 29.9%.
When you do choose to analyze each other’s reports, consider seeking impartial advice, like having them monitored. Not only will this give an in depth analysis of scores from all three bureaus, it will raise the alarm when it comes to identity theft, which is particularly useful for false negative marks. Best of all, you’ll be less likely to have one your first lovers’ tiffs over improving your finances.
Get more information about credit monitoring, credit monitoring service, credit score monitoring, credit reports Please CLICK HERE http://www.bestcreditreports.com/
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