His Credit, Her Credit

 

 

When there is a drastic difference in credit scores between two partners in a relationship, more than conjugal harmony is at stake. These credit disparities add up to a lower average when both histories are being considered, say for a new lease or mortgage. Additionally, married couples with dissimilar qualities of credit may find themselves in a situation where only one spouse can obtain credit, and everything must necessarily be in their name only. Many couples in this situation find themselves in a bind, because opening a new line of credit to try and improve one spouse’s score would mean exorbitant rates and fees.

Luckily, there is at least one really sound option to help married couples recover a sullied credit score. It is possible for one spouse to get a boost on credit without opening new accounts, if the spouse with better credit adds them as an authorized user on their account. As a signer on a joint account, the benefit of good payment history is shared on both credit reports. Assuming that the accounts are in good standing, the diminished credit score will start to slowly increase, even if that user doesn’t personally ever use that line of credit. Parents have used this same method to kick start their young adult children’s credit. As most black marks on credit reports fall off after seven years, the key to improving any credit score is to stop the cycle of bad credit, and wait it out while doing everything possible to boost the score.  ■