Jun 07 2009
Credit Tip of the week: Keep your credit separate from you spouse..
Whenever I mention keeping credit separate from your spouse to my clients, I often get a deer in the headlight stare. You too may be thinking that this is a bold statement, but consider the following:
- Joint accounts affect you equally. If one spouse spends more than the other. Both scores are affected.
- If there is an emergency and you need to apply for credit, it may not be available.
- A divorce decree does NOT take prescedent over creditor agreement. Creditors will collect from whomever they can.
Now, don’t panic and close out your joint accounts. This too can hurt your credit score. Fifteen percent of your credit score is based upon credit history. My advise is that if you have joint accounts, make sure you both monitor the accounts.
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