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MARRIED? (or plan to be?): What You Need to Know BEFORE Signing Any Credit Application!
Have you ever wondered if banks approve one gender for credit MORE than the other? Have you ever wonder if there is credit sexism in the marketplace?
Hmmm....
The Federal Equal Credit Opportunity Act (FECOA) would have you believe that all sexes are approved for credit the same. But we all know that the relationship to income and credit approval is very strong.
In our society if you make less money you will get less credit and that is a fact of life. It's for this reason that women need to be even sharper and more educated about credit than men.
Consider building your own credit in your own name. Never merge credit files unless you are looking to gamble and willing to be responsible for the other person if things don't work out. Remember, if you share your credit, you share the responsibility and are putting yourself on the line.
Credit cards of course of the most potential for abuse. We've all heard the stories and statistics. Over 50% of marriages now result in divorce. If you are willing to put your credit report and credit file on the line with a 50% chance of losing... then that is up to you. Just think before you leap.
If we want to get ahead we need to think ahead. Expect the best but plan for the worst. It's just a good insurance policy.
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kmcl11,
Thank you VERY much for sharing your wisdom with others. Many have experience in this area (unfortunately) based upon FACT and NOT theory.
CreditSecretsBible 3 years ago
Excellent video. B very careful with marriage don't let all your happiness lead you to foolish decisions.
kmcl11 3 years ago