Chapter 10 Conclusion
Your spouse is your only true partner when it comes to your personal credit
score. Whether or not you live in a community property state, after a few
years of marriage, your credit score and your spouse’s will start to
mirror each other.
Keep this in mind when you marry: Emotional or personal problems aren’t
always a sign of financial troubles…but they can suggest general instability.
And divorce is one of the major causes of damaged credit in the U.S.
For these reasons, even if your marriage is blissful, it’s a good idea
for both spouses to keep some separate credit and bank accounts. But separate
accounts shouldn’t mean lots of money secrets. If you’re married,
be prepared to face questions; and be prepared to ask questions. It’s
amazing what can turn up in a collection call—things like gambling debts
and extramarital affairs.
Other family members and friends will only affect your credit as much as
you let them—by co-signing loans, making them authorized users on credit
cards or becoming their partners in business.
If you have a some financial resources and a strong credit score, the best
strategy for helping family will probably be to loan as much cash as you can.
But avoid co-signing for loans or making partnerships.
Next: Chapter
11 - Improving Your Credit Score |
