In my last post, I talked about the first of four marriage and credit considerations. In summary, a married couple should not open joint credit cards. Opening separate credit cards allows couples to leverage each other’s credit during financial crises by protecting one person’s credit score.
In this post, we talk about the second consideration of marriage and credit.
Marriage and Credit Consideration #2: Who Holds the Credit?
Sometimes a couple makes the mistake of opening all the credit cards in one spouse’s name. In this case, the couple may be in for problems, especially if they apply for a mortgage together. If you hold all credit in your name, your spouse has no credit. And no credit is just the same as bad credit. Without a history of credit, your spouse will have a low credit card score because the credit-scoring bureaus will have no way of knowing whether your spouse can handle credit. Your spouse’s bad score could endanger the loan or force you to sign a loan with a high interest rate, even if you have a superb credit score. For couples that want to put both of their names on the title deed, this can be problematic and expensive.
The solution to this marriage and credit dilemma? Make sure you both build credit. Hopefully, you will never experience divorce, but if you do, having your own strong credit score will certainly come in handy!
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