Even if you don't earn an income, it's important to build your own credit score. Here are some tips to make it happen.
Spouses share a lot, but no matter your relationship status, your credit score belongs to you and you alone. Even if you're 100% supported financially by your spouse or partner, establishing and building your own credit score is essential.
"A household's financial dependence on one income earner can foster unhealthy relationship control dynamics," said Katherine Fox, a certified financial planner, founder and advisor at Sunnybranch Wealth in Portland, Oregon, in an email."Stay-at-home spouses who take steps to protect their credit score and financial literacy are doing their part to maintain a healthy money attitude and dynamic within their relationship.
Moreover, unexpectedly becoming single again is the most difficult reason nonworking spouses need to build their credit. WAYS TO BUILD CREDIT WITHOUT AN INCOME Besides applying for your own credit card using your spouse's income in your application, there are other ways to build your credit. Be sure to also pay other household bills on time, including utility bills and rent payments. In some cases, those are also reported to credit bureaus.
Where you live can also be a factor in how you can each affect each other. According to Fox, in community property states, you're generally not responsible for any debts your spouse took on before you got married, but you're responsible for each other's debts after marriage. But in non-community property states, you only share responsibility for joint accounts and debts.
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