3 Credit Mistakes Married Women Make

Even women who were financially savvy when they were swinging singles turn their backs on their finances once they become blissfully married. This approach to the financial aspect of life is wrong on many levels. With credit scores and credit history playing a starring role in almost everything financial—buying a house, getting a job, obtaining a credit card, and receiving favorable interest rates and terms—it’s important that women do not allow the transition from the single life to a married one to invoke a laissez faire attitude.

Here are the number one credit mistakes married women make and why you should avoid making them.

Mistake #1 Combining all assets and debts
Marriage involves turning two lives into one. Women apparently take this literally. Once the marriage certificate is signed they join all of their assets and debts with their husband. While it is important that husbands and wives are aware of and have a list of all bank, brokerage, credit and debt accounts, it’s also important to keep some of these accounts in your individual names.

The Why
Happy marriages can turn bad and spouses can pass away. When and if this happens it’s important that you have the ability to support yourself. This includes obtaining new credit, renting a home or buying a car. If you relinquish all of your debt and assets to a joint status or in your husband’s name (solely) then any debts or assets established during your marriage may not show on your credit. Lack of credit history or a low credit score can prohibit you from being able to support yourself.


Mistake #2 Not taking joint title of assets
It is important that your name appears on the title to property purchased during your marriage. This mistake occurs most often when titling a home, car, bank account or brokerage accounts. If assets have to be split because of divorce or death your claim to the assets may be challenged. For example, if the home is titled in your husband’s name only--even if you’re the one making the mortgage payments--you are not legally an owner of the home.

The Why

If you’re not showing on title as one of the owners of a piece of property you may not be able to claim ownership even in a court of law. Asset disputes of this nature are determined by state laws, but you can avoid the hassle of proving or requesting ownership by making sure your name appears on title to all of the assets and property you acquire during your marriage.

Mistake #3 Not Reviewing Financial Statements and Bills
The old adage, “What you don’t know can’t hurt you,” should not apply to your financial situation. Married women seem to be the culprit of this action by turning over all financial responsibility to their husbands. The husband reviews the bills and statements, pays the bills and manages the household finances while the wife has no idea what is going on.

The Why

You always need to be in the know of your financial situation. This includes how much money is in each of your bank and brokerage accounts and what debts and assets you have. If your husband has poor money management skills and is running your finances into the ground you need to catch this before it causes a credit problem. Late payments and not making payments on time can cause your credit score to plummet, which can damage your ability to obtain new credit in the future.

Women need to be financially savvy even after marriage in order to maintain a good credit score and history, which plays a major role in everything financial. It’s important that women do not relinquish financial responsibilities to their husbands, but rather are involved and engaged in the household finances.