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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
Re: Stay-at-home spouse... Good Credit Benefits?

Well, one benefit that most people never think of until too late is that if some financial disaster hits, and one of you is forced into bankruptcy, if the other person has good credit and accounts in his/her own name, that person can carry the credit load while the other goes through the BK years. This would also happen if some less dramatic problem hit one person's report, like a collection. Even if it was a bogus collection, stuck on there by a junk debt buyer trying to pressure you into paying to get it off, your credit would be in the tank until you could get it fixed. Think about the family car rolling over and dying during this time period, and you need to get a loan for a replacement. If you have problems with credit, but she has good credit, she can get the loan in her name, and it would benefit the family.

 

More to the point, it's the right thing to do, IMO. Thumbs up to both of you for trying to make it work for her to be at home for a year if you have a little one. I can promise you from personal experience that it is just as much work to run a household and raise kids as it is to work in an office, and the workday isn't over at 5 pm, either. You two are working as a partnership in a joint business, called your family. You might have different responsibilities for a while, but you equally shoulder responsibilities and equally share the risks of trying to make a go of it in these scary days, and to me, that means that she has a right to credit in her own name.

 

It's kind of a sad commentary on modern life that people are looking on whether someone makes enough money to "deserve" credit. There's different ways of contributing to a family, and value should be put on all these different contributions, not just a paycheck. (I certainly don't mean this as an attack on you; it's just a change in mindset that I've seen over the years that only values cash, and discounts all the other things that make a family successful.)

 

JMO, and all that. :smileywink:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007