National Debt Relief Points Out Credit Misconceptions of Newlyweds

National Debt Relief shares the most common misconceptions newlyweds experience about credit.

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National Debt Relief

There are common misconceptions about credit that newlyweds might not talk about for fear of coming out too intrusive.

Dallas, TX (PRWEB) May 10, 2014

National Debt Relief recently discussed in an article published last May 6, 2014 the common misconceptions newlyweds have. The article titled “5 Credit Score Misconceptions Of Newlyweds” aims to shed light on some of the most common credit questions newly married couples would have and point them in the right direction.

The article highlighted the 5 most common misconceptions about credit that newly married couples would have and might not talk about just yet.

On top of the list is that marriage merges the credit score of both husband and wife. Saying I dos in the church unifies two people but it does not extend outright into the credit scores. The article explains that the credit score is attached to one person only. If one has a good credit score and the other does not, the score does not combine the two and get the average. It remains specific to the person who owns it.

The second would be the effect of bad credit on the other. As the article explained that the credit score is specific to the person who owns it, so does the reputation that goes with it. Only when the couple takes out a loan together would one’s behavior affect the other. If there was missed payment because of the husband, the wife’s credit score will be affected as the loan is under both of their names.

Another myth newlyweds often deal with is the credit card extension. Most believe that extending a card to a spouse would make them responsible for whatever debt it incurs. Truth to the matter is that the primary cardholder would still be the one carrying that responsibility and the resulting credit score. There would be no problem if the partner is paying on time. If delinquent payments are happening, it would have an adverse effect on the primary’s credit rating.

Divorce does happen and the article goes to explain that as much as the husband and wife totally separates everything, that loan that was taken under both of their names will remain as is, unless paid off. If the payments are being split between the two and one continues to miss payments, it would affect both party’s credit score and not just the one missing the payments.

Getting any line of credit or loan instrument is a challenge. More so that lending institutions are doing background checks and looking at the credit score. The article explains that if one partner is trying to take out a loan, the lender will only look at his or her credit score. Irregardless if the other partner has a bad credit score, marriage and even divorce will not ripple down that rating over to the other score.

There are common misconceptions about credit that newlyweds might not talk about for fear of coming out too intrusive. Most would wait until the honeymoon stage is over before they even start to think about finances and credit and debt. These things should be discussed even before tying the knot. Financial compatibility is one of the things that should be considered.

The article also shares some points on how to be protected from a spouse’s bad credit behavior. A credit score takes time to build up and only a few wrong decisions can stain it for years to come. To read the rest of the article, click on this link: http://www.nationaldebtrelief.com.