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Managing family credit profiles

Chris865
Valued Member

Re: Managing family credit profiles

I wanted to update this thread from my original post as it's coming up on a year.  We agreed on a way forward where she feels she has freedom, and I can still optimize our credit profiles.  The result has been nothing short of fantastic.  Below are her credit scores:

 

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When I took over management of her profile, her scores were in the low 7's.  This site has taught me so much.  Now we're ready to buy our house. :-)

 




Message 21 of 22
Save-n-Invest
Established Contributor

Re: Managing family credit profiles

Good job. Congrats!

 

I thought of this thread the other day when AARP Mag arrived. The usual finance lite articles were included. One was a woman who was thrust into family finances after her husband was diagnosed with dememtia. She did not have password etc and the usual hardship of not being up to speed on family finances. Hubs had a 300k term life policy that would expire at age 72 to retire home mortgage if needed.

 

He passed at 69, widow was 63. The policy lapsed as he forgot the premium payments in his decline. Wife was surprised/shocked at financial obligations she thought were less that they actually were. Financial advisor told her to sell the house as it was not afordable. Happy ending was DD and SIL would sell and move in with mom with their two youngsters. She would help with kids. They would help with finances. 

 

So pleased you are both in the loop now on the finances. It's so important that both spouses know and understand family finances. 

 

Well done!

 

 

 

 

 

Message 22 of 22
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