Marriage is not only blend of life style and it is also a blend of credit scores.Some times this is going to make your credit score better and even it can happen in reverse depending on the situation.Other family members like parents,siblings and children are not connected to your credit score but your spouse is very well connected and can effect your credit score.In many cases the credit score of wife and husband is effected by other and there no not going to be a big difference in their credit scores.
When you apply for a credit card or mortgage,you can choose either individual or joint account to operate.When you open a joint account both of you are liable.Some times you open account to some one as authorized user and he can use the account as if it is his own.But the person who opened account is responsible to pay it back and the corresponding credit report will be effected.That is why you shall be careful about authorizing some one as it is going to effect you seriously.If you give some one power to use credit card and he uses it excessively,then you are accountable to pay it back and you can not escape from it.
If one of the partner credit history is bad and other one credit score is good then it is better for the first one to declare bankruptcy.The new family together can get better new credit score and better deals and mortgage offers.Though it is going to effect one individual the other ones good credit score is going to make the couple score better.After five years even the one other one score is improved and they together are able to get the mortgage offer with a lower interest rate.
Divorce is major reason in USA to have credit related finance problems effected seriously.If you are living in community property state,you are liable to pay the debits that you have as a partner and you can not escape from it.It will be the case even if the other partner used that money for different purpose with out consulting the partner.
Once divorce is considered debits shall be distributed among wife and husband.The court will consider some aspects in dividing the debits like their corresponding incomes,future prospect of employment and monthly income increase on year by year basis.If you are living in a community property state then you are liable to pay all joint debits that you have with your partner and this liability exists even if the court cleared it from them.Yours divorce agreement is not going to change your obligations to the debits that the joint account has.
In the case of mortgage or major asset,the divorce can refinance the asset and remove the partner name from the liability.It is better to develop your own credit record and make it better when you have a thought of divorce.
It is natural to have obligation to help the family members when they are in need.Any way signing as a co-signer is not a good way to help and the good option is lend money to the family members.According to risk management aspect,it is better to commit a help that is less than 10% of your total assets.It is better to take a document like pro-misery note to take care of future problems.
When you apply for a credit card or mortgage,you can choose either individual or joint account to operate.When you open a joint account both of you are liable.Some times you open account to some one as authorized user and he can use the account as if it is his own.But the person who opened account is responsible to pay it back and the corresponding credit report will be effected.That is why you shall be careful about authorizing some one as it is going to effect you seriously.If you give some one power to use credit card and he uses it excessively,then you are accountable to pay it back and you can not escape from it.
If one of the partner credit history is bad and other one credit score is good then it is better for the first one to declare bankruptcy.The new family together can get better new credit score and better deals and mortgage offers.Though it is going to effect one individual the other ones good credit score is going to make the couple score better.After five years even the one other one score is improved and they together are able to get the mortgage offer with a lower interest rate.
Divorce is major reason in USA to have credit related finance problems effected seriously.If you are living in community property state,you are liable to pay the debits that you have as a partner and you can not escape from it.It will be the case even if the other partner used that money for different purpose with out consulting the partner.
Once divorce is considered debits shall be distributed among wife and husband.The court will consider some aspects in dividing the debits like their corresponding incomes,future prospect of employment and monthly income increase on year by year basis.If you are living in a community property state then you are liable to pay all joint debits that you have with your partner and this liability exists even if the court cleared it from them.Yours divorce agreement is not going to change your obligations to the debits that the joint account has.
In the case of mortgage or major asset,the divorce can refinance the asset and remove the partner name from the liability.It is better to develop your own credit record and make it better when you have a thought of divorce.
It is natural to have obligation to help the family members when they are in need.Any way signing as a co-signer is not a good way to help and the good option is lend money to the family members.According to risk management aspect,it is better to commit a help that is less than 10% of your total assets.It is better to take a document like pro-misery note to take care of future problems.
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