I’m getting married in a few months, and I’m confused about what happens to our credit after we’re married. If we keep separate credit cards, then everything else would stay separate, too, right? But what if we want to buy a car or a house? My fiance doesn’t have the best credit, but I have great credit. Would I have to sign the loan myself to get a good rate? Kim
Hi Kim,
Congrats on your upcoming wedding. What an exciting time for you!
And congrats also on looking ahead. The fact that you are already planning ahead and considering how your fiance’s credit could impact the two of you is a good sign that you have the kind of proactive attitude needed to build a solid financial future.
Youre absolutely right that, as long as you keep separate credit cards, your credit histories and credit reports will stay separate. In theory, your spouse’s credit might improve if you were to add him as an authorized user on one of your credit cards. This is a practice called piggybacking. If someone
Most all of us rely on credit at some point in our lives. While you may already know your credit is checked when applying for a loan or credit card, it may have also been checked when you signed up for a new cell phone plan, applied for a new apartment, or opened an account at a credit union.
Since credit affects so much of our adult lives, it’s important to know what factors go into your credit score, including open credit card utilization, percentage of on-time payments, number of derogatory marks, average age of open credit lines, total number of accounts and total hard credit inquiries. (Read more about these six factors here.)
It’s also important to understand what’s not in your credit score, especially since there are many misconceptions. Here’s a quick run-down of the factors that don’t affect your credit:
Isn’t it comforting to know that your creditors can’t discriminate against you due to your race or gender? And that they
Hi Erica, I’m three months away from being debt-free, but I’ve still got several years to go before my bad credit history is cleared from my credit reports. I hate my current job, but I feel trapped because of my bad credit. I’ve been turned down multiple times for jobs I’m more than qualified for and am starting to suspect it’s because of my credit. I have top of the line skills that are in demand, but I am being held back by mistakes I made years ago. Is there anything I can do? Or do I just have to wait it out in a dead-end job? Sam Dear Sam, Oh boy I have a feeling that you’ve been listening to some people who give information about credit but have no idea what they are talking about. Good thing Read more…
More and more consumers are starting to choose credit over cash, according to the Federal Reserve. Early in July, it said that consumer borrowing rose $5.1 billion in May that’s an increase for the eighth straight month in a row. Credit cards, auto and student loans were three areas that gained ground as the unemployment rate began to rise and the economy began to falter.
During the peak of the recession consumers kept their credit cards stashed in wallets in favor of cash or debit cards. Though the economy remains sluggish, consumer credit is making a comeback. Whether you are delaying payment on a large purchase or using your card only for emergency necessities, can help you stay on top of your credit with the Power of 3: three credit scores, as well as credit monitoring and alerts at TransUnion, Experian and Equifax (the major credit bureaus).
Knowing all three of your credit scores will empower you to make informed decisions when it is time to take out a loan or negotiate a lower annual percentage rate. If you have three good scores, youll want to use them to your advantage. I
This post is especially for you shopaholics out there who feel guilty about putting so many unneeded purchases on your credit cards – and I’m not just talking to women. Men, you know you’ve purchased the latest gizmo or the best seats at the game when cash wasn’t necessarily available.
I want to make sure you know about the upcoming shopping season. Memorial Day sales are coming. Those new shoes, that to-die-for bathing suit, the new sofa you need for the living room, and that flat screen TV – they’ll all be on sale. Shortly after that, we’ll have Fourth of July sales, then back to school shopping. Computers will be a good deal then. And what about all the concerts and sporting events that take place during the summer? Shopaholics – the sky is the limit for you in the next few months.
And it’s my job to tell you to go ahead and spend. You may be getting those credit card balances up there, and it may even be a little difficult to make all the payments, but think what you’re doing for the economy and the greater good. Things won’t get be
This post is especially for you shopaholics out there who feel guilty about putting so many unneeded purchases on your credit cards – and I’m not just talking to women. Men, you know you’ve purchased the latest gizmo or the best seats at the game when cash wasn’t necessarily available.
I want to make sure you know about the upcoming shopping season. Memorial Day sales are coming. Those new shoes, that to-die-for bathing suit, the new sofa you need for the living room, and that flat screen TV – they’ll all be on sale. Shortly after that, we’ll have Fourth of July sales, then back to school shopping. Computers will be a good deal then. And what about all the concerts and sporting events that take place during the summer? Shopaholics – the sky is the limit for you in the next few months.
And it’s my job to tell you to go ahead and spend. You may be getting those credit card balances up there, and it may even be a little difficult to make all the payments, but think what you’re doing for the economy and the greater good. Things won’t get be
