There should be some financial harmony among the wedded couples for making the wedding a long-lasting one. According to our credit repair experts, nearly 40% of wedded couples are ending up in divorces due to the financial mismanagement. This can be avoided by the couples by planning their finances right from their wedding. Here are the top credit repair tips for newly wedded couples. Be sure to check them right now here…
Think before signing joint agreements:
To sign a joint agreement as a couple would be great if both of you are financially strong. But, if one of the partners has a low credit score, then the case should be thoroughly studied. It’s because the negative factors like late payments, interest, and others will come into play thereafter. We recommend you to keep your financial assets and checking accounts as separate from the other. This would save from lower credit scores even if you are facing a divorce in the future.
Keep your tax information updated:
More often, we get a question from the newly wedded couples as “Does their wedding help the taxes?” Our answer for this is “It depends”. Of course, you will have an immediate advantage of receiving increased tax returns every year after getting married. Don’t you believe us? Well, it has been proven that tax filing as wedded couples will give more tax deductions, as well as advantages than filing as an individual. However, there are few steps to help the process run smoothly. We would advise you to update you, as well as your partner’s tax information in order to receive all the benefits here.
Change the credit card names too:
This is one the most overlooked pointers. The name changes after the wedding would apply to your credit cards also. You must give yours and your partner’s proof of identities and marriage license for the name change to be affected. You can also do this online by filing a request. Remember, irrespective of the options you choose, you will get new debit and credit cards with the new name in it. This name change could prevent any tax problems that might arise in the future.
Having a financially strong relation is important to have a long-lasting relationship with your partner. By following the above-mentioned tips, both of you will have higher credit scores, best tax returns, and hence, a good financial position.
For further questions on credit repair services, feel free to talk to one of our credit experts today.