Marriage and Money II

A big mistake married couples often make is melding all financial identity. With a shared credit card, one spouse will simply be the “authorized user” of her spouse’s credit card. By not having credit in both couple’s names, there is no way to accrue a good credit history for the “authorized user” and you will spend much time and energy to improve your credit score.

“According to Craig Watts, spokesman for Fair Isaac Corporation, the company that helps generate consumer FICO scores (the most common credit score used), the credit bureaus won’t calculate a FICO score for an individual whose credit history has been inactive for six months or longer.”

So, the smart choice to avoid is to have at least 2 credit cards- one in each spouse’s name for the sake of establishing and maintaining a credit history. For guidance about fixing credit, you may consider contacting a reputable credit repair services company like Vitesse Financial.