How To Build Healthy Credit Together After You Get Married
Recently married? Congrats!
Building healthy credit after getting married can sometimes be confusing, but we’re here to help. Here are a few steps you can take to ensure you and your spouse build and maintain healthy credit together.
Create a Joint Budget: One common mistake made by newlyweds is that they don’t put together a joint budget for expenses. This can sometimes lead to missed payments or even unnecessary collection accounts. Take time to review the budget together and hold each other accountable to making on-time payments for all accounts.
Manage Spending on Credit Cards: Credit card debt can lead to lowered purchasing power and lower credit scores unless it is managed well. In your budget, build a plan to manage any open credit cards to ensure credit card debt doesn’t become an issue in the future.
Monitor Your Credit Reports: When you get married, your credit report doesn’t automatically merge with your spouse. You still have two separate credit profiles, and it’s important to monitor your credit to avoid identity theft or inaccuracies that could impact your overall financial health.
Learn About How Joint Credit Lines Work: If you plan on opening a joint credit line, be sure to learn about how it will impact your credit health. Joint credit lines report on both of your credit reports, and could impact your spouse’s credit score. Have a plan to make on time payments on joint accounts to ensure a healthier credit future together.
If you recently got married and are looking for ways to resolve credit challenges, we may be able to help. Contact us for a Free Credit Evaluation today so that you can start your journey towards healthy credit.