Building Your Credit With Your SpousePosted at by ifydcat on category Personal Finance
After you and your spouse have decided that the both of you are going to build your credit together, you are going to want to do what you can help each other out. This means you are both going to have to sacrifice, and you are both going to have to dedicate a good amount of time towards building your credit. You have someone else on the line though, so make sure that you do everything in your powers to make sure that you both practice good financial habits so that you can both open many doors and opportunities for yourselves in the future.
Calculate how much the both of you make each month. After you calculate how much you both make every month then you want to calculate how much you both pay for bills. Try and budget money to put on the side to save. This will give you a good foundation for both of you to go off of after you save money for awhile. You want to plan for the future, and if you want to get a car or home loan then saving money for a good down payment is going to be your number one priority. Since you both have each other helping out it should be easy for the both of you to save a good amount of money in a short amount of time.
You are both going to want to take out credit cards together. Go over the rules of using the credit cards, and make sure that the other doesn’t max out the credit card without the other knowing. For the most part you are going to want to use the credit card you take out to purchase items that you are going to pay back right away. By doing this you will slowly build good credit, and you will establish good credit habits early. Try your best to both make sure that your credit line does not exceed half of your credit limit, that is a good way to look at how to manage your credit cards.
Try and pay off all of the debt that you currently have. If one of you has a lot of student loan debt, or any other type of debt then you are going to want to try and pay that off as soon as possible. When you make a dedicated plan to pay off as much debt as you possibly can then you will increase your credit score by a lot. Lower your debt as much as possible and you will be in a very good financial and credit standing.
Working together to make sure that you both have good credit is key towards living as promising of a financial future that you can possibly create. Try your best to help each other out and trust one another to elevate the other’s credit status. After awhile of applying yourselves you should both be in a prime position to do all that you want to do in life.