Many women complain about
not having any credit. Those complaining are those
who REALIZE that they
do not have credit, single women or divorced women,
specifically. However,
there are many married women who have no credit
because financial matters
are handled by their husbands, and they are not
even aware that they
are without any type of credit rating. This is a large
problem in America today.
Divorce seems to be the
predicament that taunts women in search of their own
good credit ratings.
Either the wife did not have any of her own credit
during the marriage,
or the credit she shared with her husband took a bad
turn during the divorce.
The key to your credit
success, regardless of your marital success, is that
you build your own "sole
and separate" credit. There are many benefits to
be gained. First,
in the event that the marriage does not work out, each
spouse may part with
their own credit. If the wife was always on time with
her payments and the
husband was poor with his payment schedule, they should
be able to part ways
with her credit intact.
Another good reason to
have separate credit is in the event a financial
tragedy comes your way,
leaving you with no alternative but to file
bankruptcy. It
might be possible that one partner could file while the
other remains clear.
If your husband currently
has all the credit, have him place you on his
accounts as a "sharer"
of the account. You want to be sure you share the
account but not the contractual
liability. This way you will NOT be
responsible for his errors.
If it does show as a negative on your rating,
you will be able to dispute
it as you did only share the account. If the
account is in good standing,
work on getting it on your credit rating as
you may take the responsibility
for the good rating. For men in similar
situations, try the same
method.
If neither the wife or
the husband have any credit, then both would sign
the account as "joint"
in privileges and contractual liability. Continue
this process until you
both have enough credit to get credit singularly.
Then, as your new sole
and separate accounts begin to get established,
start closing the joint
accounts you once shared. The purpose of this is
to establish your credit
as "sole and separate".
Consider also the use
of a joint checking account. A clean checking
history is very helpful
in building credit, however, be wary if your spouse
is particularly neglectful
when maintaining a checking account - the end
result could cause more
harm than good.
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