Part 2: Married? What’s your credit score and why should you care?
If you only use your spouse’s credit cards you are NOT earning credit in your name even if your name is on the card as an authorized user. This is because the account is in your spouse’s name and they are primarily responsible in the event of a default on the card. So no, the $5,000 vacation you just charged and paid off does NOTHING for your credit. Neither does the car payment that is in his name even if it’s paid from your joint bank account. Credit companies don't care how the credit card is being paid they just want to know that the person responsible for the card is paying it consistently on time.
Three tips to build your credit while you're married:
1. Get cards in your name;
2. Insist on a mortgage AND deed being in your name (this is HUGE for so
many reasons and not just your credit);
3. Insist on that car loan being in both your names if your credit is
insufficient to get a low interest rate, because if you wind up divorced it
will be harder to build credit on your own.
Building up your credit can be done after the divorce, I hit over 900 within 2 years of my divorce, a jump of 300 points!
Up Next, Part 3: Divorced? How do you build your credit?
Can't wait? Get the full article here: Credit Scores: Dating, Married or Divorced
Have questions? Call or email me:
732-545-4717 x 3859
jmazur@hoaglandlongo.com
