How Will Marriage Affect My Credit Rating?
Author: archive
Posted: Mon Jul 26, 2004 9:33 pm
Post subject: How Will Marriage Affect My Credit Rating?
Stacy
Date: 9/4/2001 12:35 am CDT
I'm getting married soon and would like to assist my fiance in repairing his credit, in order to improve our chances of obtaining a good mortgage loan. Would his credit standing improve if I added him to one of my credit card accounts as an authorized user? My credit is pretty good; would it hurt my credit to do this? Thanks for any help you can provide!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: archive
Posted: Mon Jul 26, 2004 9:35 pm
Post subject: How Will Marriage Affect My Credit Rating?
Eugene
Date: 9/5/2001 0:31 am CDT
Would his credit standing improve if I added him to one of my credit card accounts as an authorized user?
It might but probably not significantly, if at all. Another possibility is to add him as a co-holder of the account (make it a joint account, in other words). Not all credit card issuers can do this (Citibank) but some can (Chase). In this case it will help him more.
Preferably, choose your oldest account for him. Those look best on the credit report.
Whatever you do, it's only good if the change is reported to all the three credit bureaus, so check with the issuer. Some do not report authorized users at all. After about a month and a half check with the credit bureas and see if this account is on his reports.
My credit is pretty good; would it hurt my credit to do this?
No. Not if he is responsible with this account, and not untill you apply for something together (in which case your credit will not be hurt, but they will look at both of your credit histories and make a decision from there).
If you leave all the accounts separate, you will both keep your own credit histories after marriage. They will only be considered together if you apply for credit together.
Author: archive
Posted: Mon Jul 26, 2004 9:36 pm
Post subject: How Will Marriage Affect My Credit Rating?
xtymcdh
Date: 9/30/2001 2:42 am CDT
I graduated from college before my husband and thus ALL the credit cards were issued in my name and are on my credit history, he was added to a few cards and had access to all accounts. I loved and trusted this man more than words can express and have dedicated the past 20 years of my life to him.
I foolishly allowed him to manage our joint financial affairs, and he has ruined me. In our divorce decree, he takes responsibility for our debts and the mismanagement of our finances, however, the IRS and the credit agencies DON"T CARE! Legally, I am responsible for everything and my reputation and my ability to get a job have been severly impacted.
I strongly suggest that you honor and value and PROTECT your positive credit rating. Always stay in control of the money and on top of what is happening financially in your marriage.
I became distracted with our 3 kids, and my job, Church responsibilities, and life, so I put myself in a position where I was easy to lie to. It is so easy to do when you love someone, because you want to believe and trust in your "true love." I have no doubt that you are marrying the greatest guy on earth, (I too,thought Bill was Mr. Wonderful.) and I hate to sound negative about your loving ideals of "helping him build up his credit..."
but you should really look at his habits of spending or his habits of paying his bills and discuss if these will drag you down as well.
Tho, it may help a bit on the purchase of a first home, it may not be worth the long term risks of damaging your credit forever.
I am sorry that I sound so cynical, it is just that if I had it to do over...
I would soooooooo keep all accounts separate. (checking, savings and credit cards!) You continue with your 4 star credit, and let him try to repair his. LISTEN TO ME! Remember that hindsight is 20/20!
I felt I should share this experience with you, as I don't consider myself a foolish woman, just one who loved her spouse and wanted to do the best thing for him, because ultimately it would be the best thing for us...Your heart is in the right place and your motives are pure, as were mine...
Best wishes to you and congratulations to him for hooking up with such a smart, organized & together lady.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Jul 26, 2004 9:33 pm
Post subject: How Will Marriage Affect My Credit Rating?
Stacy
Date: 9/4/2001 12:35 am CDT
I'm getting married soon and would like to assist my fiance in repairing his credit, in order to improve our chances of obtaining a good mortgage loan. Would his credit standing improve if I added him to one of my credit card accounts as an authorized user? My credit is pretty good; would it hurt my credit to do this? Thanks for any help you can provide!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: archive
Posted: Mon Jul 26, 2004 9:35 pm
Post subject: How Will Marriage Affect My Credit Rating?
Eugene
Date: 9/5/2001 0:31 am CDT
Would his credit standing improve if I added him to one of my credit card accounts as an authorized user?
It might but probably not significantly, if at all. Another possibility is to add him as a co-holder of the account (make it a joint account, in other words). Not all credit card issuers can do this (Citibank) but some can (Chase). In this case it will help him more.
Preferably, choose your oldest account for him. Those look best on the credit report.
Whatever you do, it's only good if the change is reported to all the three credit bureaus, so check with the issuer. Some do not report authorized users at all. After about a month and a half check with the credit bureas and see if this account is on his reports.
My credit is pretty good; would it hurt my credit to do this?
No. Not if he is responsible with this account, and not untill you apply for something together (in which case your credit will not be hurt, but they will look at both of your credit histories and make a decision from there).
If you leave all the accounts separate, you will both keep your own credit histories after marriage. They will only be considered together if you apply for credit together.
Author: archive
Posted: Mon Jul 26, 2004 9:36 pm
Post subject: How Will Marriage Affect My Credit Rating?
xtymcdh
Date: 9/30/2001 2:42 am CDT
I graduated from college before my husband and thus ALL the credit cards were issued in my name and are on my credit history, he was added to a few cards and had access to all accounts. I loved and trusted this man more than words can express and have dedicated the past 20 years of my life to him.
I foolishly allowed him to manage our joint financial affairs, and he has ruined me. In our divorce decree, he takes responsibility for our debts and the mismanagement of our finances, however, the IRS and the credit agencies DON"T CARE! Legally, I am responsible for everything and my reputation and my ability to get a job have been severly impacted.
I strongly suggest that you honor and value and PROTECT your positive credit rating. Always stay in control of the money and on top of what is happening financially in your marriage.
I became distracted with our 3 kids, and my job, Church responsibilities, and life, so I put myself in a position where I was easy to lie to. It is so easy to do when you love someone, because you want to believe and trust in your "true love." I have no doubt that you are marrying the greatest guy on earth, (I too,thought Bill was Mr. Wonderful.) and I hate to sound negative about your loving ideals of "helping him build up his credit..."
but you should really look at his habits of spending or his habits of paying his bills and discuss if these will drag you down as well.
Tho, it may help a bit on the purchase of a first home, it may not be worth the long term risks of damaging your credit forever.
I am sorry that I sound so cynical, it is just that if I had it to do over...
I would soooooooo keep all accounts separate. (checking, savings and credit cards!) You continue with your 4 star credit, and let him try to repair his. LISTEN TO ME! Remember that hindsight is 20/20!
I felt I should share this experience with you, as I don't consider myself a foolish woman, just one who loved her spouse and wanted to do the best thing for him, because ultimately it would be the best thing for us...Your heart is in the right place and your motives are pure, as were mine...
Best wishes to you and congratulations to him for hooking up with such a smart, organized & together lady.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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