Is one of the sexes more creditworthy than the other? Here are somethings you ought to know if you are married or are going to be soon. Is there a secret of credit for married women?
1. According to the law, creditors cannot stop giving people credit based on their sex. But, unfortunately the figures say that in general mens’ salaries are higher than womens’ and credit is definitely linked to earning power. Single females are then going to be able to get less credit than men and so the need to get wise to improving their own credit score. This will prove useful at many points in life if you need to repair your credit score.
2. Married men actually hold the credit if married couples have joint accounts. Most women don’t realise this until after a divorce. So women should try to build their own credit. If your husband has financial problems in the future and worst of all goes bankrupt, you insulate yourself by having your own credit. And if you follow 50% of couples and get divorced you do not lose any credit.
3. If you are married to a man with very good credit you can use this to boost your own. Get your own accounts and if you want cancel the joints ones later on.
4. If you are a single woman with an excellent credit report consider the future before adding a new partner to any of your existing accounts. If he gets into difficulties it will destroy your credit very quickly. It seems that women come out with less in most aspects of the credit world. Keep some seperate accounts (A mortgage will be a joint account you cannot avoid).
5. Creditors are happy if people don’t know about this. Take this example of 100 couples. In total they hold at least 200 accounts. When they join them all together the number of accounts halves and so does the bank’s liability. And not only that, if one of them messes up then the bank has two people to chase. If the couples keep seperate then a) there is no trouble during divorce and b) when they stick together and one person screws up a credit report they can still use the other.
This is good planning and is not being gloomy about the future of your relationship. It is the same with insurance. You don’t buy car insurance because you want to have a crash. Check this credit repair ebook for more secrets.