How Your Other Half Affects Your Credit Application

As the summer comes to an end and we return back to our routines we also have to deal with the additional costs that arise during autumn months. As we moved in to this house in October, we have to renew everything during this time: From rental contract to the parking permit, there are lots of financial costs that we have to consider. Add the credit card payment in the mix and I surely have to take a deep breath! Both myself and my partner, are very careful about our credit cards.
 On a recent chat with a friend, I have realized that some people are not aware of how their partner’s financial history can affect theirs. This is a very important matter because your spouse’s credit history affects whether you are both approved for joint credit card accounts, loans and mortgages as well as for applicable interest rates.
When you apply for credit with your other half, for example a credit card, your credit reports become linked – known as a ‘financial association’. It is the same when you open a joint account with your spouse. Experian Credit Expert helps you understand how your credit history is likely to be viewed by lenders.
Watch this video for tips that can help you improve your score.
                   When you get married and change your surname, it is important that you include your maiden name on any application you make. This will help create a link between both names and will make things easier for the lender to check. Equally, if you get separated or divorced, you should then close your joint account or credit card to be disassociated.
Many people tend to think that the people who lived at your address before you moved there, also effect your credit score. However, this is not true unless you are a financial associate of them. Clearly, these matters are sensitive, so it is worth being open about what you are expecting from your partner to avoid any future inconvenience. Hopefully, you know your partner and his/her spending habits well enough before you get married. Obviously, there are no guarantees. Therefore it is important to be vigilant about these issues and if you happen to suspect any fraudulent financial activity on the part of your spouse, don't simply disregard it.
 Thank you so much for stopping by! If you enjoyed this post, please join us on Facebook,Twitter,Pinterest and G+. Click on the buttons on the right hand side to follow us on these platforms.