Friday, July 8, 2011

Better Credit Report with out Debt Trap and Marriage Issues

Taking credit and buying some thing you like may give you pleasure at that instant but it is going to be a cost you extra money. You shall pay back the entire money you have taken from the lender with the interest in the stipulated time. You can try buying some thing that is very costly on loan. But its value shall increase in the future. For this kind of investments you can consider taking a loan. The good example is a home loan or car loan. You can try some thing like a car for daily traveling needs. While buying some thing every one shall ask them self that weather that is absolutely needed or not.You have to be careful about taking a personal loan or buying some electronic gadget with monthly payment option. You shall do this only when it is absolutely needed. Credit card companies. lenders,shop owners are the business people around you who offer this loan facility.

 You shall understand that they are doing it to make money but not for charity. Once you take this kind of loan, you need to pay your valuable money to them in the name of processing fees and compound interest.

It is true that you can get a home loan approval only when you have good credit history. You can get this good payment history only when you take a loan or a credit card. When you pay your monthly bills on time your credibility will increase. As a result you will have good credit score and it will be easy to get a mortgage loan at lower interest rate. But you shall not fall in the trap of the debt to get the good credit report. You can have a single credit card and use it in a controlled way to establish your credit.
Impact of Marriage on Credit Score

Marriage changes the life in different ways and some people like to change their name slightly and add the better half's name as a suffix or prefix. Here you have to be a bit careful that you may lose your credit history because of the change of the name. So when you change your name for any reason take care that it is reflected in the accounts so that credit sheet will be updated accordingly.

If you open joint account during marriage make sure that the information is passed to credit reporting agencies. If you are a women and changed your name during the marriage you have the right to have credit report on your own name or on new name or on both names. Decide first on what name you want your credit information report and request the agency as per that desire.

Your marital status shall not be an obstacle in getting the loan as per the rules and no one shall ask about your spouse income when your income is sufficient to get the required loan. If your partner has a legal judgment against him or her it will be reflected on other one credit report and you are liable to pay the debt made with joint accounts during or after the marriage.

If you are not sure about the abilities of money management of your partner then try to have your own credit ratings and reports and make it independent from the partner. This will help you in making your personal report better and it will not be affected because of the other partner mismanagement. Any way divorce is not going to make your financial report better and it shall not be the option to be used as a tool for making better credit report. Put all your incomes together,plan all your commitments and debt to be paid by sitting together and this shall make the life happier. The courts divides debt between the partners and until then creditors will be keep calling and troubling about the commitments that your partner has made.
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