Advantages of Having Separate Accounts Even When Married

If your name is present on any account it will be reported to the credit bureau under your credit report.  The kind of association that you hold with an account is usually described in the reporting such as individual, joint or authorised user.  Typically the kind of relationship that you have an account does not make any difference to the credit scores calculation.  As long as it is present on your credit report is considered as yours.

While it is common to have several joint accounts in a marriage with your spouse it is a good idea to have separate credit accounts as well.  It probably does not matter as long as you are happily married as whatever joint accounts you have will serve to create strong credit history for you.  But in case of some unfortunate occurrence such as death or divorce you may find, having a separate credit account will serve you in the good stead. Having a part of your credit history that is based solely on your individual accounts will mean that you have credit available to you even when your spouse is no longer around and the joint accounts are no longer in force.  In case of a divorce you will be able to close the joint accounts and still have open and functioning accounts in your own name.

These can get a little more complicated while living in joint property states because the lender can hold either of the party responsible for the death even if it is an individual account.  Be sure to consult the financial professional or an attorney went dealing with joint property states laws.

The most important thing is that both husband and wife should discuss financial matters with each other. They should discuss matters together before opening joint or individual credit accounts explaining to each other the need for either.  Finances are considered to be one of the primary reasons for strain in a marriage. Be open about the state of finances with your spouse in order to avoid any perception of secrecy is that would be a cause for creating trouble.