Now that the nuptials are over, you have returned from your honeymoon, and you are both back into your routine; it is time to get down to an important issue that you may not have thought about before. How to tackle credit and finances after marriage? Here are a few tips that may help you work together on this issue.
- Step one is to get your hands on your credit report and pay for your credit score. You have to find and fix any errors that may exist. Getting your credit score will allow you to both know where your new spouse’s credit is.
- Do not close old credit accounts as a knee-jerk reaction to getting married. Closing old accounts will lower your individual score. Close high interest accounts after you have been added to existing, lower interest accounts that your spouse may have, but never close all accounts that are in your name only. Divorce rates are high and spouses die. Having credit in your name only will prevent credit shock if either event happens.
- Do not open any new accounts for the first six months. Newlyweds often get caught up in the excitement of buying furniture and other items together, ignoring credit implications. Do you really need all of those new items and the accompanying credit accounts?
Other than these tips, make a budget and pay all of your bills on time, if not a few days early. Take your time and talk to each other constantly. Done right, marriage is a marathon, so why sprint to the credit line? You don’t want to trip and end up in a Nevada debt consolidation company’s office, do you?