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Credit
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How will your credit picture change
when you marry?
When the two hearts get united, many issues seem to merge together
You can
choose to pool your incomes, synchronize your vacation
times, and mesh your personal tastes, but what about
your credit as a married couple? How will your new
status affect your credit histories, now and in the
future? By understanding what wedding means to your
credit from the beginning, you can help yourselves
become credit-wise together.
What does and does not happen to your credit
history?
Credit bureaus maintain separate files on each
individual, so credit histories will not be combined
when you marry. Only jointly held accounts or accounts
for which one spouse is an authorized user on the
other's account will appear on both credit reports.
Your individual accounts remain your own.
When you apply for credit jointly (e.g., for a
large loan that you'll need two incomes to support),
then both of your reports will be reviewed during the
application process. Even then, however, information
from each report, while it may impact the outcome of
getting the loan, will not become a part of the other
person's individual credit history. This can work to a
couple's advantage in certain instances where one
person's credit is less than perfect.
Managing your credit:
Of course, having the chance to see your credit
reports beforehand and dispute any inaccurate account
information contained in them would be ideal when
applying for any joint loan-big or small. Many
financial experts have begun recommending credit
monitoring services, which not only allow you to check
your credit reports on a regular basis but
conveniently notify you of potentially important
changes in your credit files.
While you are combing your credit histories for
inaccurate negative information and acting to dispute
it, it may also be a good idea to share positive
information. In other words, if you have a credit
card, for instance, in excellent standing and your
future spouse could benefit from this bit of good
credit, consider making him or her a joint account
holder with you. Sharing good information like this
when possible, as well as managing the negative, may
help both of you when you apply for a loan or credit
together in the future.
When you get your reports, check them over
carefully, making sure that all of the information
listed on them belongs to you and is correct. Items
such as your names (and spellings), previous and
current addresses, Social Security numbers, and
account details all need to be reviewed for accuracy.
This is the time to address inaccurate information by
following the dispute instructions that are included
with your reports.
Remember, managing your credit as an individual is
vital. And although your files will not merge, wedding can make this management doubly important due
to the need for larger loans, and so, two incomes and
two credit reports.
Make effective credit management a financial
priority now. The credit savvy you gain will be a
benefit-to "yours," "mine," and
"ours."
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