Is it possible to protect my credit from my husbands bad financial decisions?

Answer 1

Anything that is held jointly or charged on a joint credit card will be on both of your credit reports. The only way to avoid that is to close out all credit cards that have both of your names on them. He can open his own accounts and you open your own.

Answer 2

There are a couple of ways his financial decisions can affect you:

1) Bounced payments - let's say you pay your bill, on time, but he has written cheques and not advised you about them - if his cheque clears before your bill does, you have a missed payment on your bill, and an NSF

Protection: separate accounts, at separate institutions (your bank can offset overdrafts on your joint account from your personal account), or paying your bill via internet banking to ensure it won't bounce.

2) Joint credit.

Protection:
Avoid/minimize/control

If he needs your name to get the additional money, and you feel you can't afford to pay it, or it is a bad financial decision, don't agree to cosign. If you do cosign, then ensure the bills are paid on time, and you aren't maxing out your credit accounts.

Get involved in your family's financial decisions, and ensure that things are being done correctly.

You might need family/financial counselling to ensure you are on the same page; a lot of couples fight over money, and differences in how it should be handled.

Answer 3

Thank you for asking this question! I just asked a similar one. I have worked so hard and poured over $20,000 into paying off my husband's bad debt and so far my efforts have been fruitless, because although he does not have bad credit, he still has "no" credit. My ultimate hope is that we would eventually be able to get a mortgage for a rental property with both our names on it. I should have put the $20,000 into a down payment for the rental property I wanted. He seems to want to have the RESULTS of good credit and financial wisdom, but really I am the one who is doing all the work as far as paying bills and trying to get him to sign up for cards that will build his credit. Honestly, I am beginning to think he doesn't even really care ... so I have stopped caring! Got better things to do now that I know his credit doesn't effect mine.

Answer 4

Yes,

Make sure that you and he do not share credit accounts including bank account, credit card, car loans (no co-signing!), etc.,. If you already have some of these, ask the credit issuer to make two new accounts and close the joint one. Be aware that if you do close a "good" account with good credit, you may also lose the good credit history. Your new, separate accounts may quickly be established as good as compared to the time that it would take to repair the "bad credit" rating once it has been established on your (joint) record. Try to get him to a free credit counselor or financial planner.

Good luck

Answer 5

in the adventure that your sister's husband is Indian, that's perceived as his accountability (culturally conversing) to help help his mothers and dads. although, 'help' is the be conscious, and not 'do all of it'. Your sister shouldn't stand in the way of him helping to help his mothers and dads; this is going to justcontinual a wedge between him and his kinfolk, and kinfolk is between the main needed issues in any Indian individual's existence. Your sister may well be extra useful off diverting a hefty bite of her very own earnings into some form of a brokerage account, the place the money would properly be invested and enhance earnings, however the investment would properly be bought every time they choose the money. additionally, her husband ought to confer together with his brothers and be certain precisely what the mothers and dads' desires are--every person ought to make a contribution the two in the event that they are financially all able to accomplish that. Have him make certain the mothers and dads have a will; this is significant given the regulations in India on the instant.

Answer 6

You can have your credit cards in a separate account from his and you can terminate any joint credit agreements you have so that his decisions are not binding on yours.

Get a credit report to be sure that you do not become a victim of "financial abuse".

Answer 7

I would think that by not having your name on the mutual financial mess would protect you

Answer 8

hello, heres my favorite resource I know this will be of great help..its everything you need to know about financial decisions and troubles, have a super day and smile

Answer 9

Yes.......like your first answer, don't put your name on anything you believe is too much a risk. Best of luck to you.