How to Help a Partner With Bad Credit

No human is perfect, and we are all bound to make mistakes. But, believe it or not, if your partner has bad credit, it will eventually affect you.

For example, if you decide to buy a home one day and the other party has a poor score, it will lower your chances of getting approved for a mortgage. However, you can play a big part in helping your partner improve their credit score.

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This article shares tips and strategies on how to help your partner boost their credit score. For better or for worse, you can be there to help your partner.

bad credit

Encourage Them to Budget

Maintaining a budget is one of the most important things when it comes to boosting one’s credit score. If your partner is good at keeping dates and paying on time, it will be easier for them to get their credit score up running again. If you two are living together, it’s essential to come up with a budget and stick to it.

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Clearly, state each other’s expenses and figure out who will pay what and when. Always check to see whether they honored their word and make sure their bills don’t exceed their income. This is very important. If your partner is a spender, help them cut down on their expenses. For instance, you can suggest cooking at home more to avoid spending money on eating out.

Make Them an Authorized User On Your Credit Card

This is another smart move to help your partner boost their credit score. By making them an authorized user on your credit card, your partner gets to benefit from your smart money habits.

For instance, if you pay your bills on time, your partner’s credit score also improves. However, make sure they don’t charge expenses without your consent. In fact, make it clear that if your partner is going to rack up charges in your name, they should be able to pay for them back themselves.

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Encourage Them to Open a Secured Credit Card

Having a secured credit card helps people with bad credit boost their credit scores. Cardholders provide cash that acts as the credit limit of the card prior to opening the account. As they make timely payments and charge expenses, their credit score will automatically rise.

Bottom Line

There is no doubting that having a partner with bad credit can affect both of you, and this becomes challenging with time. However, you have the power to help them change for the better, and there is no better time to do that than now. Secure a great financial future for both of you by getting your partner on the right track!