Getting Married – Do You Know Their Credit Scores?

Spring will soon be here followed quickly by summer’s arrival. As usual this time of year, many couples are presently planning their upcoming early summer wedding. However, with the present economic crisis in our nation, this will create many problems which need to be considered. Along with all the other details you are dealing with concerning your preparations for your ceremony, this subject also needs your attention!
One very important issue to be considered, involves the matter of credit you each have been acquainted with as singles. Going into marriage is difficult enough in making adjustments, but there needs to be knowledge and understanding of what possible debts each may have accumulated. A current credit report for each of you can easily be obtained by going to – What’s your credit score? 678? 712? See yours for $0. on the internet. Show the copy of this report to each other. You have a right to know how your future spouse has handled his/her earnings and whether a spender or a saver! Not knowing this information before marriage and then discovering a great deal of debt can be devastating to your new relationship.

Openly Discuss Finances Before You Get Married
Although when you are single, your finances are your own personal business, including how you spend or save your earnings. However, when contemplating marriage, then there are two of you entering into a union and that includes sharing how you have handled your individual finances.
If obtaining a credit report reveals an over-extended or nearing the limit, credit card(s), it’s perhaps wise to consider reducing those debts before adding anything further. Begin by paying off the highest rated interest cards first and this could mean both of you combining your income to get this accomplished.
At present, credit isn’t easy to obtain as in the not too distant past, so in order to build up your credit rating, paying off your debts as soon as possible will raise your scores. This will be most beneficial to you for future needs.
After marriage, you’ll want credit for buying your dream house, cost of raising a family, getting a larger family car, and various other reasons which naturally occur in the coming years. So, starting out with little or no debt is a smart financial decision.

When You Get Married Who Will Handle Paying The Bills – Agree Early
A personal experience happened to us when we were married. I discovered beforehand that my husband-to-be was not a good money-manager, though he wasn’t in debt. We made an agreement that I woulld handle the family finances since I’d had bookkeeping and accounting experience. This has worked quite well for us now for 20 years and am pleased to report we still aren’t in debt!
Should you be fortunate enough to be debt-free presently, and if already newly married, you may not have given much thought to credit ratings or how important it can be for any future credit applications. That’s why it’s still a good reason to long onto to learn about your credit rating.
This can help you in making budgeting plans for future goals and amount of savings necessary for possible down payment on a house and extra money in case of job loss or worsening economic conditions. If you have a high credit rating, you’ll know that should an emergency occur, you should be able to get the credit to cover the need while knowing all along that not borrowing money is the best solution and to stay debt-free as much as possible!
Article Written By Grandma Suzie. Grandma Suzi has spent her life saving money so that she always had enough to go around. She writes about topics that interest senior citizens.