A recent survey from Experian finds that credit scores are the No. 1 financial topic couples don’t discuss before tying the knot. Even though roughly 75% of engaged couples talk about spending habits and student loan debt, only 43% talk about credit scores, according to MarketWatch.com.
One of 10 couples don’t talk about credit scores even after they’ve wed. Whether you’re embarrassed about being a shopaholic or the topic just hasn’t come up yet, it’s important to share credit score information before settling down:
• Check credit reports. Look at your credit reports together. You can check your credit report from each of the three major credit reporting agencies once a year for free. Always make your requests from annualcreditreport.com, the only site sanctioned by the Federal Trade Commission. Or, you can call 877-322-8228. Make one request every four months in rotation among the three credit agencies to monitor your credit report year-round. Call credit issuers to dispute unauthorized items on your report.
• Boost your scores. Once you’ve discussed why credit scores are low, make a plan for boosting them: Create automatic reminders so you remember to pay bills on time, pay down credit card debt, and talk to each other before opening new credit lines. If you decide to open a new card, choose one that has a low rate and low fees; make CSE Federal Credit Union your first stop. Credit union credit cards typically have lower rates and fees than other financial institutions.
• Talk frequently about finances. Now that you’ve come clean about your finances, keep communication lines open in the future. Schedule time each week to sit down and talk about money. If you have kids, plan an inexpensive date night for just you and your spouse to talk about financial topics.
According to the Experian study, married couples say that financial responsibility means more (95%) than physical attractiveness (86%). That alone should be a good reason for mutual honesty about credit and other financial matters.
Talk with the professionals at CSE Federal Credit Union today. We can help you and your future spouse’s financial well-being.
Stop by or call today at 377.477.2000.
Source: Copyright 2014 Credit Union National Association Inc.