Tag: credit score

Thinking about getting a joint credit card with a spouse, family member or friend? Make sure you know exactly what you’re getting into.

With a joint credit card account, two people are equally responsible for the privileges and responsibilities that come with a credit card. That means that they can both make charges to the account, and they are both liable for the credit card balance. The details of the account appear on the credit reports for both owners. If the account becomes late or unpaid, the issuer can pursue both users for delinquency.

Love is blind, or so it’s said, but when it comes to long-term relationships, there are some differences you can’t hide from forever. This is especially true when it comes to your financial compatibility. A multitude of studies have suggested that the No. 1 source of stress in many relationships is disagreement over money-related issues. Sometimes these disagreements can even lead to divorce for married couples.

Whether you’ve been married five days or five years, it’s never too late to start to have financial conversations with your spouse, because if you don’t start to have them now, when you go to make your next major purchase you may be in for a rude awakening. This can be a nerve-wracking conversation, but luckily there are some technologies available to make it easier to tackle the conversation and understand where you stand on topics such as budget, debt and progress.

Millennials today, more than ever, are trying to navigate through the difficult maze of financial independence and security. The problem is many times they may face several challenges along the way primarily because they don’t understand some key points when it comes to their credit scores.

I have a few tips Millennials should consider reviewing with their financial advisor or CPA in the near future.

Buying a home is a priority for many couples, but bad credit scores often thwart the plans of prospective home buyers. If you have a credit score below 700 with a high debt-to-income ratio (above 30 percent) and you’re applying for a loan worth more than 78 percent of the value of your desired home, your chances of getting a mortgage are only 68 percent, according to an Urban Institute study. This means that your odds of being turned down are nearly one in three.