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Credit Card Blog - If You and Your Spouse Have Different Credit Cards, Will Their Late Payments Affect Your Credit Score?

 Thursday, 13 September 2007

You and Your Spouse Have Different Cards

Stop me if you have heard this one before. A man and a woman fall in love, and get married. The man has bad credit and the woman has great credit. But they work together to get both of their credit scores as high as possible. One day, the man slips up and makes his payment to the credit card company late. Should this make the wife worried about her credit score? What should they do in that situation?

That Husband of Mine is Killing My Credit!

Well, slow down because your spouse may not be hurting you at all. First of all, you have different credit cards. That is the first thing to remember. So you are not completely sunk. If you still make your payments on time and make sure everything is ok then you should be alright. In fact, if you two keep your accounts separate, then you will come out unhurt in the situation. If your name is not on his account, and his name is not on your account, then every thing is grand. By not having your names on each others account, then neither one is liable for the other.

The problem comes when you have a joint account. Once you sign on to another persons account, or they sign on to you then both people are equally responsible. What you do will affect them and what they do will affect you. So you need to make sure everything is ok with their credit. It is a way you can help them maintain good credit while watching out for yourself as well.

Try To Get the Creditors to Have Mercy

Now, you may be able to swing one past the creditors. Usually these people pay excellent attention, because it is their job to focus on your score. But it might be possible for you to contact the creditors and explain the situation. If you let them know that if was not your account, but your joint account with your spouse then you might be alright. Either that or they can just tell you tough luck. But it is worth a shot. You may have to write a letter to them explaining what is happening, and you may have to wait a bit for the response. But if it works, then it will be worth it.

Help Your Spouse Control Their Credit

The easiest way to make sure nothing happens is to help your spouse keep their credit in order. Work with them to make sure bills get sent in on time and that no payment goes missing. Take a bit of control, and help them. It will be something you both can appreciate when you have no credit worries in the relationship.

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Thursday, 13 September 2007 21:06:04 (GMT Daylight Time, UTC+01:00)  #     
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