Good credit is an important part of any marriage. A positive score opens doors to better financing, home loans, employment opportunities, and beyond. Unfortunately for many, disagreeing with your spouse about money can disrupt even the best-laid credit repair plans. Begin credit repair the right way by working with your husband or wife to create a better future. Begin by:
• Identifying individual strengths.
We all have our areas of preference, so why not use them to your advantage? If your husband prefers clipping coupons and doing the grocery shopping, let him. If your wife is better at finding the best household supply deals, leave those tasks to her. Saving is important, and recognizing who-is-better-at-what can help you build a better bank account and credit rating.
• Identifying individual weaknesses.
Just as strengths can build you up, weaknesses can tear you down with equal or greater force. Take a look at last quarter’s finances and consider your mistakes. Is your spouse constantly paying late fees on credit card bills even though you have the money? It may be time to take over and pay the bills yourself. Is your spouse prone to splurging at the mall? Opening a pre-paid credit card may minimize future damage. We all have our flaws, but improvement is not out of reach. Help each other face the harsh truth, and look for solutions.
• Setting real limits.
Once you have identified your virtues and your vices, it’s time to put that knowledge to work. Create a budget to help save money and keep your spending habits in check. If you are wary of slipping back into old habits, set up impenetrable limits. For example, do you both struggle with high utility bills? Make a point to keep the temperature below 72 during Winter and above 74 in the Summer. Are you guilty of constant late payments? Sign up for auto-pay to avoid credit score damage. Mitigating credit risk will keep your credit score healthy and simplify your everyday life.
• Making a plan and setting goals.
Losing motivation is a common occurrence on the road to credit repair, especially if you have no goals on the horizon. Incorporate rewards for yourselves along the way to keep things interesting. If you credit score jumps 10 points, celebrate the moment. If you successfully refinance your home, increase its value by adding a fresh coat of paint to the walls. Budget-friendly rewards are good for your marriage and your morale, so be sure to pat yourselves on the back whenever possible.