Newly married or soon-to-be-married couples have the extra burden of merging their finances, and making credit score sense of your combined credit worthiness can be a challenge. Knowing where each of you stands financially going into a marriage is very important. If you’ve already tied the knot, discussing finances, bill payment, and long-term investments is even more crucial to the success of the marriage. Many couples find it wise to obtain a ScoreSense membership to monitor their credit scores. With ScoreSense, login provides easy access to all their financial information, credit reports, and advice for making future financial decisions.
It is vitally important that each spouse knows where the other stands in regard to financial health, debt and credit score. Sense can only be made of your financial situation once this information is known. Obtaining copies of your credit reports is a good starting point. They will show you where you stand, all of the creditors with whom you currently have loans, and what, if any, detrimental information is contained in your records. This is why a ScoreSense membership is so valuable. It provides access to your credit reports anytime you want, and ScoreSense experts can offer advice to help you repair and rebuild your credit scores if one or both spouses are in poor financial health. When you subscribe to ScoreSense, always check your credit card statements for the words OTL ScoreSense; this is the billing code they use to charge your credit card, and is another great way to ensure you are not subjected to score sense scams or fraud.
If both spouses have jobs, it’s a good idea to split the bill-paying responsibilities to ease the financial burden; however, this is a good idea only if both spouses pay bills on time. A spouse who continually pays a portion of the bills late can mean trouble down the road financially when it comes time to take out a joint loan for a home or car. This is another great reason to access your credit reports monthly using ScoreSense.
It seems logical to cancel extra credit cards when you get married, but don’t do it hastily. Closing credit accounts can actually hurt your credit score. Sense seems to fall by the wayside when people think about this, but it is logical. Closing credit accounts, especially those with low or zero balances, will increase your debt-to-credit ratio and drive down your credit score. There is a proper way to close credit accounts, and the ScoreSense website can provide you with the exact method to do so properly without it affecting your credit score.
Discuss big purchases and plans well in advance, so you can plan for them and ensure your credit is in good standing. A credit monitoring service like ScoreSense can help you get your credit scores in line by offering advice and planning tools that let you see how changes in spending and saving habits can affect your credit scores. When you sign up with ScoreSense, always check your credit card statements to make sure you see the words OTL ScoreSense so you can avoid fraud related to score sense scams.
If you are newlyweds and would like more information on managing and monitoring your credit to improve your credit score, visit ScoreSense at www.scoresense.com