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Shower Advice |
Shared Lives, Shared Credit (ARA) - Planning a wedding involves endless details: finding the perfect dress, booking the liveliest band, sniffing out the tastiest caterer, and checking your credit report. Chances are you've taken care of the first three, but haven't even thought about your credit report. While it may not be romantic, credit is a necessity, and you need to know how you (and your future spouse) stand. As you start your married life, you probably have specific financial goals. Some of these may involve the purchase of big-ticket items such as a car, new furniture or major appliances. You also may want to move, either to a bigger apartment or your own home. Your credit status will affect your ability to realize all these goals. That means now is the time for both you and your future spouse to request a copy of your credit reports and look them over. You may be reassured to see that your credit history is in good standing. On the other hand, you may discover possible inaccuracies that need to be investigated, or you may find out that one of you needs to improve your overall credit status. Because there are three major credit bureaus collecting information about your credit habits and the information they collect can differ, it's important to check all three of your credit reports. A good place to start is by ordering a 3 Bureau Online Credit Report from www.CreditMatters.com. This report, which is delivered online in seconds, allows you to review your credit information from the three major credit bureaus, Experian, Equifax and Trans Union, side-by-side. The report comes with a free credit score and includes personalized analysis and tips that can help you maintain -- or, if necessary, improve -- your credit status. Credit Tips for Newlyweds Taking a few minutes to check and understand your credit report gives you the tools you need to plan for your future together. As you merge your lives and your finances, here are a few things to keep in mind: * Notify creditors if you change your name. They will update your name with the credit reporting agencies when they next report your account information. * Keep credit in your own name in addition to joint accounts. Women especially should take care to keep some credit in their own name (Jane Smith instead of Mrs. Robert Smith). Every year women who have never paid a bill late are denied credit because they have no credit history in their own name. * If either you or your spouse-to-be has had trouble getting credit alone, try setting up a joint account to capitalize on your shared income and the other person's stronger history. As your joint account history grows, you should each acquire and maintain an account of your own as well, to establish credit on an individual basis. * If your credit rating is not as good as you would like, you can take steps to turn it around. While there are no quick-fix solutions, you can start by taking simple steps such as paying each and every bill on time, reducing outstanding debt, limiting inquiries and getting rid of unnecessary available credit. With patience and discipline, you can rebuild your credit. * Your credit report is always changing based on information provided by creditors, and inaccuracies may occur. It is important to check your credit report regularly, so you can catch these inaccuracies before they impact your credit rating. Consumerinfo.com provides online monthly monitoring alerts that report key changes to your credit report. By taking these simple steps to safeguard your credit rating, financial well-being will only add to your wedded bliss. Courtesy of ARA Content
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