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LIFE SITUATIONS THAT AFFECT YOUR CREDIT
Significant life changes will affect your credit. For
example, buying a home, getting married or divorced and
having a baby are some examples of situations that change
your financial situation as well as your
Buying a Home
Purchasing a home for the first time will make some
pretty major demands on your credit. You will need a
decent credit rating to qualify for buying a home. Once
your home is purchased, your credit is going to change
dramatically. For example, as soon as you start paying
your mortgage, you are going to
build personal equity,
which will help you
improve your credit. Also, timely
payments will help improve your credit as well. On the
contrary, a mortgage is considered to be a big loan and
can have a negative impact on your
Learn more about the value of
credit and mortgages.
Marriage & Divorce
When you get married, you and your spouse's assets
become combined, making both of you more credit worthy.
Being married also means more financial
Some things you need to consider when getting married:
-- Taking your husband's last name. If your change your name, make sure
you inform your creditors and the credit bureaus. Doing
so will eliminate the chance of losing your credit
-- Develop some credit in your new last name. It is important for women
that change their name when they get married to
build credit with their new name.
-- If you have joint accounts, you must make surer that you pay all of
your bills on time. Don't rely on your spouse to make
payments, even if you have not done any of the charges.
If you want your name removed from a joint account, you
must contact your creditor.
**Get more info about
taxes and marriage.
Starting a family will put great demands on your
credit. Often, when kids come into the picture, credit
card bills soar as a result of making your home 'baby
ready'. But, it is important that you must make sure that
all of your credit card bills are paid on time. This does
not mean paying the full balances, just making timely
payments. This way, your credit rating will remain strong
as your kids get older, and become more financially
The Passing Away of Your Spouse
By law, your creditor/s can not change the
terms or close a joint account just because your spouse
passes away. It is possible that your creditor will
either ask you to update your account or to re-apply in
your own name. Then, the creditor will determine whether
or not extend your credit or change your credit limits.
Read more about
life changes that affect your credit.
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3-in-1 credit report will give you a complete breakdown of your credit
as reported by all three of the major reporting