How can credit scores impact your dating life, marriage or divorce? Part 2 of 4: Married? What’s your credit score and why should you care?

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

How can credit scores impact your dating life, marriage or divorce? Part 1 of 4: Dating a credit score?

How can credit scores impact your dating life, marriage or divorce? Part 1 of 4:

Call me old fashioned, after all, various companies have been judging you for years based on your credit score, so why can’t I apply this age old “weeding out” process in relationships? 

Roll with me for a second, hear me out.

1.  Dating?  What’s your significant other’s credit score?

I’ve actually asked this question (I’m not shy) and I’ve asked to see a credit report.

(yes he laughed, but I’m not making the same mistake twice). 

You don’t want to find out once it’s too late that your “other” is still paying off their college loans 20 years later.  You don’t want to find out that your “other” carries tens of thousands in credit card debt without any care like it’s their everyday purse.  Sure they treat you to nice dinners and vacations but is everything that’s going on that AmEx, “because of the points”, being paid off or is it accumulating? 

One of the number one things people fight about when in a relationship is money.  Know what you’re getting into before love makes you blind. 

Oh yeah, and that guy who laughed when I said I’d want to see the credit report for my next serious relationship asked me how I felt about pre-nups…on Valentine’s Day…during our romantic dinner.  Seriously?  Seriously.

Up Next, Part 2:  Married?  What’s your credit score and why should you care?

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