What To Do As A Couple if you Both Have Bad Credit

Having a spouse with bad credit is tough. If both of you have bad credit, however, your lives can become exponentially more difficult.

Bad credit has put more than its share of stress on relationships, and if it is not improved, it may become incredible difficult to find a house, get a car, or even get a small amount of credit to pay for necessities.


If both of you have bad credit, you should try to take the following steps in order to fix the issue.
How to Fix Your Bad Credit
1) The first thing you want to do is to become intimately familiar with the bills of both you and your partner. The best way to do this is to purchase a calendar and mark bill due dates and amounts on each date on the calendar. Together, this calendar will help you keep track of when you have bills due (since making on-time payments is crucial) as well as help you understand your financial situation.

2) Consolidate your Loans and Credit - If you have multiple sources of credit or loans, consolidating them is a vital step towards ensuring that you can make each payment and improve your overall credit.

3) Budget - The next step is to budget . If you both expect to learn to change your spending habits, make your payments and improve your credit, you need to do so together. Figure out how much money is going to go to bills each month and put the money into a safe bank account that you only use for making bill payments. Once the money is put away, neither of you are likely to spend it.

4) The next step, and one of the most important, is to discuss all purchases the two of you make. It will be irritating at first to go over every small detail of what the two of you are planning on buying, but by discussing purchases you can hold each other accountable for the money you spend, thereby reducing the amount of money you waste. Extra money should go into the bill paying check account in order to reduce your debt.

5) Finally, continue to save money beyond what you use to pay back your debt. Saving money allows you to skip using credit should you fall into some rough times. You are far more likely to hurt your credit if you continue to make purchases on credit cards or with loans, so by keeping money in your savings account, if you suddenly need a new computer you have some place to turn to in order to pay for your major purchase.

Improving your credit as a couple is very important. You never know when your credit is going to be checked, and if neither you nor your partner have good credit, you put yourself at risk for not being able to get money when you need it.



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