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Just Married

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Mickey11
Regular Contributor

Just Married

I have a few questions about post married life....

1. Is there anything we need to do now that we're married credit-wise?

2. What name do I use for my wife's CC apps, and her annual credit reports?

3.Credit cards have two types of users I'm hearing.....Authorized and Joint? Most of our generic cards we would like to split between us so we can improve our scores together and I'm not sure if it's possible or advisable.


Thanks!


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
Message 1 of 8
7 REPLIES 7
JM-AM
Valued Contributor

Re: Just Married


@Mickey11 wrote:
I have a few questions about post married life....

1. Is there anything we need to do now that we're married credit-wise? Have credit in your own individual names. Keep at least one banking account for each of you individual. You can have a joint account together for credit cards and banking it is just best to also have your own individual accounts also.

2. What name do I use for my wife's CC apps, and her annual credit reports? What name does she use since being married? That would be the name to use when applying. If she is using her marriage name (your last name) it does not change her name on her credit profile, it just adds .... Also known as **********.

3.Credit cards have two types of users I'm hearing.....Authorized and Joint? Most of our generic cards we would like to split between us so we can improve our scores together and I'm not sure if it's possible or advisable. Joint accounts make you both responsible for payment. Authorized user only gives the other permission to use the card with-out the responsibility for payment (Just a little reminder AMEX will make an attempt to collect from an Authorized User on charges from their card). If you have a clean history on your credit cards you can add the other as an authorized user on that card. They will receive all the benefits of the good clean history to help improve their scores. If the history is not clean then they will be affected by the nagative activity on the card. If you decide to do joint and apply for new cards then you will both be affected by any negative information on that card and good clean information on that card.


Thanks!

 

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 8
Mickey11
Regular Contributor

Re: Just Married

Thank you! This is why I love myFICO. Best money I ever spent!


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
Message 3 of 8
haulingthescoreup
Moderator Emerita

Re: Just Married


@Mickey11 wrote:
I have a few questions about post married life....

1. Is there anything we need to do now that we're married credit-wise?

2. What name do I use for my wife's CC apps, and her annual credit reports?

3.Credit cards have two types of users I'm hearing.....Authorized and Joint? Most of our generic cards we would like to split between us so we can improve our scores together and I'm not sure if it's possible or advisable.

Thanks!

You don't use any name for your wife's CC apps, or her annual credit reports. She does that, not you. It is technically fraud for you to pull her reports or app in her name. Smiley Happy

 

I'm not accusing you of anything; I just wanted you to be aware that her credit is separate from yours, and legally, you are not allowed to access her credit in her name.

 

Plenty of couples work together on credit, and others have one member who handles everything for both of them. Just wanted you to be aware that you should be careful before doing anything in her name credit-wise. Smiley Wink

 

As for the AU vs joint, I strongly advise going AU on everything except the mortgage. This is not simply because of fear of the Big D (although that's certainly a factor), but to protect your individual credit histories in case some sort of financial disaster results in one of you declaring BK. If each of you have separate credit, the non-BK spouse can carry the family credit load while the first one recovers.

* 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
Message 4 of 8
Mickey11
Regular Contributor

Re: Just Married

Haha yes thank you I certainly don't go forward without her full consent when it comes to these things but I'm the most proactive about our credit so it tends to fall in my lap, she is much better at budgeting....a weak spot for me ;-)


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
Message 5 of 8
FrugalRican
Blogger

Re: Just Married

Whyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy?

 

I mean, congratulations.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 6 of 8
Repo-ed
Senior Contributor

Re: Just Married


@FrugalRican wrote:

Whyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy?

 

I mean, congratulations.


Some of us have to learn the hard way. 

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 7 of 8
Anonymous
Not applicable

Re: Just Married


@JM-AM wrote:

@Mickey11 wrote:

 

Is there anything we need to do now that we're married credit-wise? Have credit in your own individual names. Keep at least one banking account for each of you individual. You can have a joint account together for credit cards and banking it is just best to also have your own individual accounts also.

Thanks!


Congrats (or condolences, whichever you prefer). What worked well for us is to have a primary joint account, where the direct deposits both go, and each have our own "toy" checking account.

 

The joint account goes to bills, CC payments, etc. No funny stuff. The personal accounts are for whatever, no questions (we can't even see each other's if we wanted to). That said, you'll have to jump through the hoops to get any free checking these days. I have to split my direct deposit and transfer money back, but hey, bank's rules not mine.

 

As for credit, haulingthescoreup is 100% correct. Your wife's credit is entirely her own, and yours is yours. It's a great idea to share reports with each other and talk about debts, blemishes, and the family's credit picture in order to manage your debt and plan any financing (especially for big tickets, like a car or house or hot tub or whatever).

Message 8 of 8
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