Protect your own financial identity
October 9, 2009 by Jennifer Chait
Filed under finances, financial matters
Protecting your own financial identity is very important when you partner up for the long haul with another person. At anytime, there could be glitches, curve balls, and other surprises that attack one of you, and the other partner may need credit of their own.
How to deal:
When you become two vs. one, either by means of marriage or just because you’ve been together so long, make sure that even if you’re combining incomes, bills, and credit that each of you keep one or two credit cards or credit accounts in your own name. You should always keep partially solo credit, even if your partner has amazing credit, good budgeting skills, and lots of income.
When you hook up also consider if it’s smart to even combine anything. If one of you has paid bills late in the past or had credit issues, don’t add the other person’s name to an account or get a joint account, as it can ding the other person’s credit rating.
For more tips on making it as a couple read “Argue less about money”.
[image via stock.xchng]
