Credit Cards and Marriage: Together or Apart?

A woman, let us name her Kate, has just gone through divorce and the law suit related to it, after which her credit score was - affected negatively. To her dismay, her attempts to obtain even a small credit limit failed. So, now she can?t hope to be - approved for a car loan or mortgage. In cases like Kate?s, people suffer twice more after divorce, since they find the personal finance crippled. Very often the - person cannot understand why his/her credit history is damaged, and they wonder how they can restore their eligibility and score. It is a long story how people, living as a family, can come to credit card debt and low credit rating. That is why every newlywed as well as those who are only thinking about living together should know some guidelines for wise family finance. Divorce is the last thing thought by a couple that is on the point of getting married. However, divorces are not too rare and one should be ready to pay all his obligations in case of break-up. Certainly, one should take care about his credit profile before and after the marriage, in order to avoid a range of troubles with money and credit in case of divorce. Life together requires responsibility and the couple should decide whether they will have joint credit card accounts or separate ones. This factor is going to put an impact on your credit eligibility in future and will determine your responsibility in case of divorce and need to pay out old debts. Having a joint instant approval credit cards with your spouse means you are both equally responsible for reducing the balance. The advantage of applying together is that you can be approved for a higher credit limit and better terms. Knowing this, the husband and wife should not commit mistakes and try to build flawless credit history: the better their credit profiles are, the more benefits their family will obtain from credit card companies, like generous cash back, low interest rate. The information about payments for the joint credit card account is reflected in credit reports of both spouses, so it can help one of them improve his or her credit is it is not quite good. Some consumers prefer keeping their credit card accounts separate after marriage, so that there will be no arguing about who pays the bills and who spends more. Besides, they avoid joint account because they do not want to mess up with the bad credit of their partner. After breakup, spouses with separate account will not have to dispose of problems with apying out debts and separating accounts. Having joint or separated accounts depends totally on your decision, so they only necessary thing is staying responsible in any case. Financial directory