Credit advice to those who are married!

[ProudArmyWifeD]

I would like to offer a piece of advice to those of you who are married and would like to join finances with your DH/DW.

It is best for each of you to establish your own credit, and then add each other as "authorized users." (Rather than applying for joint accounts.)

As an authorized user on each other's cards, you get the benefit of that card reporting on each other's credit reports (benefit = as long as you guys are maintaining good credit).

The benefits of this are:
You each start establishing your *own* credit history, while benefiting each other at the same time

You can choose one card that benefits you the most and both use it, so that you don't have to pay off more than one card, and you are "sharing" the card

If one of you has better credit than the other, add your spouse with less credit history onto your accounts (as an authorized user), but that spouse should still establish their own cards as well

And this is the big one...

On the unfortunate chance that things do not work out between you two, you are easily able to call your own cards and cancel your spouse as an "authorized user." Your card is still your own, your credit history is secure, and you are safe from unauthorized purchases by your SO in the future.

So why not have a joint account? Because you cannot take one or the other off of a joint account - your only options are to keep the card open and trust each other (not a good idea in times of separation or divorce or trouble in the marriage) or to close the account (which hurts BOTH of you).

When you close an account your credit score goes down.
If it was an account you've had for a long time, your credit score will go down even more.
If ALL you had were joint accounts, you will be left with a low credit score, no credit lines, and a lousy position to be in to open new credit lines of your own.

Now I do realize that when you are in , and newly married, and staring your lives together the last thing you want to do is prepare for (or even think of) something going wrong at some point down the line. I understand that. But please think with your head as well as your heart. You all know how many threads on this forum deal with heartache, divorces, and relationships that end up badly. And some of these women (or men) get put into really bad situations because they were completely counting on the relationship lasting forever and didn't make sure to cover all bases.

I'm not saying you have to go into the marriage thinking it won't last. But your credit score is important. It is NOT ENOUGH to just count on your spouse to take care of it for you or to carry you along with their credit. You should always have a plan so that in case of the worst case scenario you will be able to land on your feet.

Now, I realize that joint accounts are sometimes easier to get. But when it comes to credit cards, it is always better in the long run to establish your OWN credit.

Just my two cents, and I hope it can help someone.

[J.Ski]

I'm amazed at how many people think your credit just combines when you get married. I understand a lot of people are young and don't know how credit works but it's so important. I was researching credit when I was 17 so I could make sure to establish good credit early on.