credit and marriage

[Anonymous]

I recently got married, what other way is there to build better credit for both of us, than to open a card together?  i am being penalized because I have opened a new card with my new name, this just doesn't seen fair to me, when I am 33 and have over 13 years of credit history.   Also, does adding someone as an authorized user actually help their credit?    Thanks

[Boswd]

Sure there are other ways to help with credit.   As far as the joint CC don't worry the hit is temporary as long as you make ontime payments and keep the low utlization down you will bounce back in no time.

Also if you or your spouse are still paying on a car loan you should check to see if you or him can be added to it.   Same goes for a mortgage if either one of you are paying on it.   Autorized Users are no longer figured into the equation so that won't help.

Other things to look into, though they won't directly effect your score but are looked at positively by lenders and such is opening up a joint portfolio, going in together on some Mutual Funds and some stocks.   Also open up a joint high yielding savings account together such as an ING.   Again these wont reflect on your credit report but when looking for loans, mortagages etc  these will work in your favor.  

Good luck on your new life together. 

[Anonymous]

Congrats on your marriage!

Regarding the 'new name' - change it appropriately with SSA and IRS and also your state id then call (or better write) all three CBs giving then the name change and documentation (your marriage certificate).  Your SSN will not change so that will remain constant and you should not 'lose' your credit history.  Change every account you currently have also after you have done the SSA and state id - have all cards re-issued with your new name requesting to keep the accoiunt number the same. You will have another 'name' on the reported names list (mine is long because it always gets misspelled and I gave up correcting it years ago).  Also do your bank account(s)!

It should take a few months to get all of it done and right - no new credit until then (unless absolutely required) - so your history catches up with your life.

Message Edited by Lady_Scarlet on 09-19-2007 09:53 AM

[Anonymous]

While I understand what you are saying, when you call a CC company they will not make it a joint account, so that we can consolidate our credit cards.  It is either add his/me as an AU, or apply again as a joint account.  If there is a way around that please let me know.

[Anonymous]

many might disagree with this.

I would keep everything (CC) in each name NOT joint. AU is good on some but not all. That way if anything happens only 1 of you are responsible for the bill. If all joint  you are both held responsible & incase of default it will appear on both CR.

IMO  it is best to keep everything seperate.

[Boswd]

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HappyDays wrote:

many might disagree with this.

I would keep everything (CC) in each name NOT joint. AU is good on some but not all. That way if anything happens only 1 of you are responsible for the bill. If all joint  you are both held responsible & incase of default it will appear on both CR.

IMO  it is best to keep everything seperate.

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I actually agree with that 110%   Yes keep your current cards in your name only.  I wouldn't even bother with an AU since it doesn't help with raising your score.   If you do feel the need to have a Credit card in both names then open one up as a joint  but still keep your own cc in your own name.

Happy Days is right on the money.   One of the biggest cause of arguments and conflicts among newleyweds and most married couples in general is spending and having to keep track of all the spending and who charged what or spent what out of the checking etc did such an such get paid and how can you go out and buy that if we haven't paid cable yet etc etc.   It can get brutal.

One of the best advice I received from various couples and different articles and such is to keep some things separate.   My wife and I have joint savings and a joint checking  but we both have our own separate checing accounts and separate credit cards.

We have our direct deposits sent to our seperate personal checking, we created a budget to factor in how much per paycheck to transfer over to the joint checking and how much to put into the joint savings.   We use the joint to pay utility bills, rent, car payments, car insurance etc.    So whatever is left over in each of our separate checking accounts we can use any way we want.   Just as long as our bills are paid and our set amount for savings is put in.

So if she wants to head over to Crate and Barell or go buy shoes etc,  I say have a good time.   If I want to go hang with the guys for some beers and football or head to a ballgame it's all good.   No coming back to each other and asking how much did you spend etc?   No arguments or spats over spending.

It has worked out fantastic and we have yet to have any arguments over money and how we spent it.

It's something I strongly recommend or at least try for a bit.    It takes away alot of the stress that newlyweds have to face and THE biggest one is money.