Do women and men stand equal when it comes to getting credit? To follow are some points you should note if you are or soon to be a maaired woman. Is there a secret of credit for married women?<
>1. By the law, lenders are not allowed to consider gender when offering credit. However there is a strong link between earnings and credit and like it or not, on average men earn more than women. Single women are thus less likely than men to get credit and so they should make sure they have more credit knowledge. This will prove useful at many points in life if you need to repair your credit score.
2. All the credit you have is actually your husband’s (if you are married with joint accounts). Most women don’t realise this until after a divorce. So women should try to build their own credit. If your husband has financial problems in the future and worst of all goes bankrupt, you will have your own credit. And you do not wind up with no credit if the worst comes to the worst and you get divorced.
3. Marriage to a man who has excellent credit means you can use their good record to build your own. Create some personal accounts and ditch the joint ones later if you like.
4. If you are a single woman with an excellent credit report consider the future before adding a new partner to any of your existing accounts. It will ruin your credit if he has financial trouble. It seems that women come out with less in most aspects of the credit world. Keep some seperate accounts (However you won’t be able to avoid a joint mortgage).
5. Lenders love the fact that most people are ignorant of this situation and they love couples you join seperate accounts. Take this example of 100 couples. In total they hold at least 200 accounts. After they all opt for joint accounts the number of accounts is now 100 so the bank has half the liability. And not only that, the bank has two people to go after if one of the people has problems. If the couples keep seperate then a) it is not as bad financially after divorce and b) when they stick together and one person screws up a credit report they can still use the other.
This is not being pessimistic or not trusting your partner it is sensible planning. It is the same with insurance. When you buy car insurance you don’t intend to have a crash. Check this credit repair ebook for more secrets.