Home Finance Credit Secret Reveals How the Bad Credit of Your Spouse Affects You
Credit Secret Reveals How the Bad Credit of Your Spouse Affects You

Credit Secret Reveals How the Bad Credit of Your Spouse Affects You

A high credit score lets you avail loans at lower interest rates as the creditors perceive you as a reliable contender. The chances of repaying loans back to the financial institution are high. This saves loads of money especially when you are borrowing a large amount of money. Sometimes after marriage there may become an issue regarding credit scores. There are cases when you have a good credit history, but your spouse does not have.

What should be done in those cases? Will it impact your own credit history? Let us know about the impact of spouse credit score over yours and the ways you should deal with it.

What problems does a poor credit score of a spouse arise?

After marriage you and your spouse are considered as a single financial unit. When you apply for a loan or credit as a married couple, then lending firms will take into consideration the credit scores of both of you. This is done to determine efficiently how eligible you are.

If you have good credit score and your spouse does not, then it does not mean that you are not eligible for any financial assistance from lenders or bank. You could get good amount of loan funds, if applied individually. On the other hand, if you choose to apply for a loan as a couple, then there are many chances that the application will be denied. Credit Secret is a collection of brilliant methods that will help you build a great credit score and maintain it throughout your life.

Identify the reasons for poor credit

To improve the credit score, it is very important to know the reasons that have led to getting a low score. Some of the mistakes such as late payment of taxes and bills, usage of a credit card over the prescribed limit, not keeping enough money in a bank account that results into check bounce, day to day overspending, etc.

Steps you need to carry out

If the credit score of anyone of you is below average, then mentioned below are some of the credit score tricks that you need to do at the earliest.

Checking credit report once a year:

Checking credit report would help in uncovering the errors that are leading to a low credit score.

Make timely payments

Around thirty-five percentage of your credit score is determined on the basis of how you make bill payment. Missing payments or late payments lead to low score. You can go for Electronic Clearing Service that automatically deducts bill amount from your bank account as soon as it is generated.

Ensure you have low debt-to-credit ratio:

This means that the amount of money you have to pay should be less than the amount of credit you have in your bank account.

Having a good credit report is essential for both the partners throughout the entire life. If the credit report is not good, then above mentioned tips will be useful in improving it.

Author’s Bio:

This article has been written by Max Carpenter. If you are struggling with a bad credit score, then Credit Secret is your ideal guide. This is a popular e-book that provides you proven solutions to improve your credit scores. You are provided with easy to implement tips and tricks that assist you in repairing your credit in less time. The best practice stated in the book also prevents bad credit habits that negatively impact the credit score.

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