Is one of the sexes more creditworthy than the other? To follow are some points you should note if you are or soon to be a maaired woman. Is there a secret of credit for married women?
1. According to the law, creditors cannot stop giving people credit based on their sex. However there is a strong link between earnings and credit and like it or not, on average men earn more than women. Thus it follow that women will not get the same crdit privilages as men and so they need to educate themselves. This will prove useful at many points in life if you need to repair your credit score.
2. All the credit you have is actually your husband’s (if you are married with joint accounts). Most women don’t realise this until after a divorce. So women should try to build their own credit. Say your husband makes mistakes in the future and goes bankrupt, you insulate yourself by having your own credit. And you do not wind up with no credit if the worst comes to the worst and you get divorced.
3. When your husband has top credit then you get a head start in building your own report. Create some personal accounts and ditch the joint ones later if you like.
4. If you are single and have excellent credit think again before adding your new partner to your accounts. It will ruin your credit if he has financial trouble. There is more for the female to lose than gain in credit dealings. Keep some seperate accounts (But note that one joint account you will not be able to avoid is a mortgage).
5. Creditors are happy if people don’t know about this. Let’s look at say 100 couples. Together they must have about 200 accounts. If they all decide to get joint accounts then the bank has haf the accounts to manage and half the liability. And not only that, but if only one partner gets into financial trouble the bank can chase two people. If the couples keep seperate then a) divorce means less trouble financially and b) if they stay together and one report goes bad they can still use the other.
This is not being pessimistic or not trusting your partner it is sensible planning. It is like buying insurance. You don’t buy car insurance because you want to have a crash. Check this credit repair ebook for more secrets.
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Tags: credit repair ebook, repair your credit score, secret of credit