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10-29-2012 02:33 PM - edited 10-29-2012 02:45 PM
Hello all! My first time posting on this forum, and I have some questions regarding my upcoming marriage and how we should handle credit cards. First, some quick background info to let you know where we are coming from:
My question is this: I'm big on maximizing cash back rewards (as I said). For this reason, I would like to get another card for my soon-to-be-wife on the same accounts as my own. For our first year of marriage, we will be moving into an apartment together, and I am hoping that we will have enough for a down payment on a house for next year. I would like to add my wife-to-be onto my accounts when we are married (would this be turning them into joint accounts?), but am concerned that if she gets a lot of inquiries against her account, her credit rating, and subsequently, the interest rate we get on a mortgage loan would be negatively affected. What advice to people have for me?
Edit: Didn't format nicely, so put in HTML so it would!
10-29-2012 02:40 PM
Congrats on your upcoming wedding!
I'm sure others have advice, but let me say that if you add her to your credit card, she will be an authorized user, not a joint owner.She is only a joint owner once the two of you open and sign something together...like your house.
11-03-2012 03:49 AM
May I make a suggestion? Even though you are getting married, it is very wise to allow each party, especially the lady to initiate,secure, and use some credit cards in her own name. My wife and I each have two prime cards individually (before our marriage) and obtained joint credit cards after we were married. It is important for her file to have a payment record in the event of your early death or some catastrophic event. There also has been recent talk in Washington by some high ranking banking firms which want to make it unlikely that any person who does not have "earned wages/income" aka stay at home spouse(s) that they should NOT be able to acquire a credit card. Credit is something you do not need until you really need it. At that point you can not usually get it. Far better to be ahead of the game with as many feathers in your camp as possible. BTW, my wife came into our marriage with a true Fico Score of 819. I am playing catch up as I had some late payments. Good Luck to both of You.
11-03-2012 07:48 PM
+1. Sound advice.
11-05-2012 03:53 PM
Yeah, we already do plan on having her apply for a couple of cards to round out the full rewards card package (US Bank Cash+ and AmEx Blue Cash Preferred) in her name so that we can balance that out nicely. And that's a very good point about the difficulty of a stay-at-home spouse being unable to get credit in the event of some kind of catastophe. Thanks!