Effects On Your Credit Report After Taking Your Husband's Last Name
06 Apr 2015
Women after getting married take their husband's last name, as it gives both of them a sense of being together.
Nevertheless, many women are apprehensive of taking such a step when their husband's credit history is bad. They fear that by having at last name as same as their husband would affect their credit history. However, it is not the case always.
Cases When Your Credit History Will Be Affected
Even after adopting your husband's last name your credit history will remain positive until he adds you as an account holder on an account in which he has defaulted. By sharing the account, you also share his credit history and the negativity there will reflect on your credit history too.
Moreover, if in the future both of you open a joint account, again his bad credit history may cause trouble.
If you both apply for a loan then your credit histories will be analyses and because of your husband's poor credit history, your application may be rejected or the terms of the loan could be too harsh for you.
How Can You Help Your Husband Improve His Credit Score?
Help Him Make Timely Payments
Remind your husband or set reminders for him so that he does not miss a single payment. Making payments on time will move his credit score to the positive side. If he is financially incapable of paying his dues, you could offer him a loan.
Once he is financially stable, he would become eligible for low interest loans. Hence, if required, he could take a loan and repay the borrowed amount to you.
Do Not Help Him With Your Savings
Many women find it hard to see their husbands in debt and with a view to helping them they use their savings to clear their husband's debts.
Well, the act does free the husband from debt but if he has the habit of spending unrestrained then he will again make his way to debts. Therefore, it is not a permanent solution.
Let Your Husband Apply For A New Credit Card But Beware
If you think you can motivate your husband to become a responsible user of a credit card, then you could ask him to apply for one. Card payments made in a timely manner contribute to bettering of the credit score.
Nevertheless, you should think many times before agreeing to become a secondary borrower on the new credit card.
It would mean that in case of a default in payments, the card company would try to retrieve payments from you. Hence, take such a step only when you are financially confident of your repaying ability.