Why Both Spouses Should Each Have Good Credit History

Gone are the June and Ward Cleaver days from the show Leave it to Beaver

. Our generation is changing quickly. We are getting married later in life. For women, its around 31 and for men, its about 34 years of age. First time marriages now have a 67% chance in surviving divorce. Now is the time to understand how to keep your credit at its best. Stay-at-home spouses, male or female, are often at a disadvantage in todays credit situations.

In this day and age, each individual has already established individual credit prior to entering into marriage. The best advice is to keep up ones individual credit or to start building some.

Should each spouse have an independently good credit history?

Identity theft: If this does occur, one of you can still support the family on your good credit while you fight to regain your spouses identity and credit rating.

In the unlikely event that the stay-at-home spouse is widowed and left with out any credit history, that remaining spouse will have to rebuild theirs all over again. Credit history does not transfer in case a spouse dies. Insurance cant protect credit history.

If for some reason you and your partner break up, your partners history goes with them. Unless something is in your name, you have to re-build your credit from scratch.

Credit is the new reality and has taken over cash as king.

Heres how to create and protect your credit ratings and make sure your at-home spouse feels supported and your familys credit keeps building. If you are the spouse that stays at home, keep in mind that your credit needs to be maintained.

Keep some bills in each of your own names after you marry. This will preserve your independent credit and keep it in good standing.

If one of you doesnt have any credit built, apply for a credit card in that name. Make payments on time to create a responsible history.

Applying for a joint credit card in both of your names is also another great idea. Make sure your spouse is not just another authorized user under your name. Understand that if they are, it will not build the credit since they are using yours.

Household bills like water, cable or hydro can also start up a positive paper trail in your spouses name. The amounts can still be paid and withdrawn from your main account but the name on the account makes the difference.

Awareness is the first step in building a future for your family and strengthening your credit history. Married Couples head 84% of our population. If both of you have built each other up on paper and pay all your bills on time, you will even raise your credit score.

For more valuable information, visit www.prudentcreditrepair.ca

by: Prudent Financial Services

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