Why You Should Address Your Credit When You Get Hitched

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.

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Five Things That Could Be Ruining Your Credit Score

When it comes to building up your credit score, you may be well aware of what needs to be done. However, for many of us, it is the things we do that have a negative impact on our score that prevents us from getting credit. By avoiding a few simple mistakes, you will find your score rockets, which will make accessing credit easier.
Credit Fail 1: making pointless applications
We could all do with a little extra cash in our lives, but is ruining your credit score really worth making pointless applications. That super-low rate APR deal, tempting score card offer, and high-limit credit card could all be turning worthy future lenders off. Quite a few people apply for credit on a whim when they see tempting offers, but what they don’t realise is that every application leaves a footprint on their record. If a future lender who is really worthwhile notices that you are flinging yourself at every amazing credit deal out there, and getting rejected, they are less likely to lend to you themselves. Rather than applying for credit without thinking, assess whether you need it, and how good the deal really is.
Credit Fail 2: not paying your medical bills
Not many people are aware of this, but if some medical bills are left unpaid, future lenders won’t be impressed. For many, an unpaid medical bill should not be a problem, but if the hospital who you owe money to begin collection proceedings, your credit will be impacted before that debt agency letter even hits your doormat. To prevent this, take a little time to reconsider your insurance options, whether you have access to medicare or medicaid, and what your employer can provide you with. If you do have unpaid medical bills, negotiate with those who have provided you with care, as this is likely to prevent them from referring your debts to an agency.If you are worried that an unpaid medical bill has impacted your score, consider credit monitoringso that you can weed out any debt collection proceedings against you.
Credit Fail 3: spring break identity theft
Now of course identity theft can happen at any time of the year, but spring break is a time where unsuspecting credit card owners are at their most vulnerable. The reason for this is that many people are travelling, and potential thefts are ready to exploit that. So how can you prevent this from happening? Carry your card in a safe place, never leave personal documents in your hotel room, keep your social security number well protected, never check personal documents in with your luggage at the airport, and use money belts to carry identification and financial details with you. By being extra cautious, you can protect your identity, and remove the risk of credit-damaging transactions being taken out in your name.

Credit Fail 4: not being insured
Contrary to popular belief, insurance companies aren’t out to grab money off us for no good reason. While they’re in the business of making profit, the services they provide will protect you against a bad credit score. From the car insurance policy that will protect you against having to fork out for a vehicle you’ve crashed into, to home insurance that limits the chance of you taking out loans to cover accidents around the house, any insurance you feel you need will be worth it. Paying out that small monthly fee is minor collateral damage compared to lump sums you would have to pay otherwise.
Credit Fail 5: co-signing a card for someone who is irresponsible
As nice as it is to co-sign a card for your daughter before she goes to college, or for your son so that he can meet emergency costs while travelling, the chances are they will max it out and leave you with a ruined credit score. Even if they are making payments, the debt that shows on your report will keep future lenders at bay, and make things difficult for you in the future while your left none the wiser. Unless you implicitly trust the person who you are co-signing for, avoid doing it. A better option is to buy a pre-loadable card and add money, topping it up after each ‘emergency’. That way you can meet your duties as a parent, and protect your credit at the same time.



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