K
C
M
Y
Winter weddings are magical. The
bride's gown reflecting the color of
fresh snow, the bridesmaids dressed in
shimmering velvet with satin trim, and
the groom and groomsmen handsome
in their black tuxedos.
To get to this point, the bride and
groom will spend months working out
every tiny detail to create their memo-
rable day - color scheme, music, food
for the reception, and gifts for the wed-
ding party. During those months, the
happy couple is likely to spend quite a
sum of money - $25,000 or more for
some.
But chances are that even in the
midst of all the budgeting, check-writ-
ing and credit card swiping, the bride
and groom will never discuss their indi-
vidual approaches to spending and sav-
ing money or their current financial sit-
uation. As awkward as it might be, this
is a talk every couple should have as
soon as possible.
As you start your married life, you
probably have specific financial goals.
Some of these may involve the pur-
chase of big-ticket items such as a car,
new furniture or major appliances. You
also may want to move, either to a big-
ger apartment or your own home.
Because most lenders rely on credit
scores during their evaluation of a cred-
it application, your credit history will
affect your ability to realize all these
goals. Now is the time for both you and
your future spouse to request copies of
your credit reports and scores and set
aside some time to review them togeth-
er to help ensure your future financial
health.
Credit scoring is almost always used
when you apply for a credit card, auto
loan, auto insurance, a mortgage, or an
apartment lease. It is sometimes even
used by prospective employers. "Credit
scoring is a way for lenders to evaluate
a person's credit worthiness based on
their demonstrated ability to manage
credit and debt as reflected in their
credit report. Scoring models compare
the past credit performance for con-
sumers with similar credit reports to
predict who is most likely to repay a
debt," explains Maxine Sweet, vice
president of consumer education for
Experian. "In most models, a higher
number indicates a lower credit risk.
Having your credit report scored for
your personal review is an important
tool for helping you understand what
you are doing right in managing your
credit and what you can do to improve
your credit habits and reduce your
risk."
Credit Tips for Newlyweds
Taking a few minutes to check your
credit report and credit score gives you
the knowledge you need to plan for
your future together. As you merge your
lives and your finances, here are a few
things to keep in mind:
· Notify creditors if you change
your name. They will update your
name with the credit reporting agen-
cies when they next report your
account information.
· Share your credit reports with
each other. If either you or your spouse-
to-be has had trouble getting credit
alone, try setting up a joint account to
capitalize on your shared income and
the other person's stronger history. The
joint account will be reported in each
name so each credit history will benefit
from a positive account paid as agreed.
*Check your credit scores.
According to Experian's National
Score Index
(www.NationalScoreIndex.com), the
national average credit score is 675; for
men the average is 673, for women 680.
NationalScoreIndex.com also lets you
compare your credit score to the aver-
age in your state and local area.
· If you discover that your credit
history is not as good as you would like,
you can take steps, such as paying your
bills on time or paying down debt, to
make it less risky.
· Keep in mind that your credit
report is always changing based on
information provided by creditors. It is
important to check your credit report
regularly, so you can stay on top of
changes before they impact your credit
rating. Consider signing up for a credit
monitoring product, such as Experian's
Triple Alert (www.TripleAlert.com),
which provides daily monitoring of all
three of your national credit reports
and sends email alerts that report key
changes.
These simple steps will ensure that
your credit history will speak in your
favor when you need it.
Learn more about credit at
www.NationalScoreIndex.com.
Courtesy of ARA Content
The Citizen. Auburn, New York
Secure Your Future
Wednesday, January 31, 2007
5
Money Management Tips for Newlyweds
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