No human is perfect, and we are all bound to make mistakes. Plus, there will always be things we don’t like about our partners, but isn’t that what relationships are all about? Enduring each other’s burdens. However, what if your partner’s burden is bad credit? How do you help them?
Believe it or not, if your partner has bad credit, it will eventually affect you. Take, for instance, when you want to buy a home; if the other party has a poor score, it will lower your chances of getting approved for a mortgage. However, all is not lost; you can still help your partner improve their score.
Here are tips and strategies on how to help your better half boost their credit score. For better or for worse, you can be there to help your partner.
Encourage Them To Budget
This 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 staying together, it’s essential to come up with a budget and stick to it.
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 bill doesn’t exceed their income – it’s very important. If your partner is a spender, help them cut down on their expenses. For instance, you can encourage the idea that you both cook at home so that you don’t waste money eating out.
Make Them An Authorized User On Your Credit Card
This is another smart move to help your partner boost their credit score; in one way or another, 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.
Encourage Them To Open A Secured Credit Card
Having a secured credit card helps people with bad credit boost their credit scores. However, one needs to provide cash that acts as a credit limit before opening the account. As they make timely payments and charge expenses, their scores will automatically climb up.
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!