Men Women Couples and Credit
Is one of the sexes more creditworthy than the other? Here are somethings you ought to know if you are married or are going to be soon. Is there a secret of credit for married women?
1. According to the law, gender must not be used to determine credit. However there is a strong link between earnings and credit and like it or not, on average men earn more than women. Single women are thus less likely than men to get credit and so they should make sure they have more credit knowledge. This will prove useful at many points in life if you need to repair your credit score.
2. All the credit you have is actually your husband’s (if you are married with joint accounts). It is after the divorce that this is revealed to most women. So women should try to build their own credit. If the man goes bankrupt in the future or has other problems, you insulate yourself by having your own credit. And if you get divorced (over 50% of couples are getting divorced) then you will not stuggle for credit in the aftermath.
3. When your husband has top credit then you get a head start in building your own report. Create some personal accounts and ditch the joint ones later if you like.
4. Think twice before adding a new partner to your existing accounts if you are a single woman with excellent credit. It will ruin your credit if he has financial trouble. There is more for the female to lose than gain in credit dealings. Keep some seperate accounts (However you won’t be able to avoid a joint mortgage).
5. Creditors are happy if people don’t know about this. Imagine there are 100 couples. In total they hold at least 200 accounts. When they join them all together the number of accounts halves and so does the bank’s liability.
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And not only that, if one of them messes up then the bank has two people to chase. If the couples keep seperate then a) it is not as bad financially after divorce and b) if they stay together and one report goes bad they can still use the other.
This is good planning and is not being gloomy about the future of your relationship. It is like buying insurance. You don’t get auto insurance because you want to have a car accident. Check this credit repair ebook for more secrets.
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