Maintain the “You” in Your Credit Union
However, when it comes to credit, too much togetherness can be bad for your bottom line. Even though there’s no such thing as a “couples” or “joint” credit report, if you both are named on a loan or listed as joint account holders, any flub-up (late payments, defaults) on the account will mar both of your credit files, no matter who forgot to put the mortgage check in the mail.
CreditReportBlog.com recommends that all couples make looking at each other’s credit reports a part of the screening process once things start to move towards the marriage phase. As skeptical as it sounds, there is never a guarantee that any marriage is going to last forever. An uncomfortable conversation now can avoid an even more uncomfortable situation later, if things turn sour with your finances. It’s always a good idea to keep some, if not all, of your finances separate. If you really must, it’s always a good idea to add your partner as an “authorized user” instead of a joint account holder of credit cards you both want to share. If you see that your partner has a slippery past when it comes to paying bill on time, make it a point to stress how important it is to make timely payments. It may seem like nagging, but you don’t want to be caught off guard by late penalties that were none of your doing. CreditReportBlog.com advises that you protect yourself because if the unforseen happens like divorce, you don’t want to be left with more than a broken heart. In fact, you can try to explain to your partner that it is in the best interest of both of you if financial matters are handled in the best possible way, where you both are protected.
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