Money affects just about every decision you make together. Helping your Money Relationship by improving your credit score is what we want to focus on in this Money Couple Minute. Your credit score is an important part of your financial picture and having a bad one can cause a lot of tension in your Money Relationship. So here are 5 tips to get your credit score back on track:
- Start as a united front. – You have to be on the same page as a couple to make this score go up. Couples that can agree on the importance of this issue have a much better chance at success.
- See what is real! – What is your score and how bad is it. This is not a time to point fingers or blame. Take time to evaluate where your score is:
- 800 + Excellent
- 730 – 799 Great
- 680 – 729 Good
- 580 – 679 Average
- 500 – 579 Bad
- Below 499 Very Bad
- Pay your bills on time!!! – You have to show consistency to bring the score up. Working on this as a couple will jump start the improvement. Seeing your credit score rise will give you both a sense of accomplishment and bring you closer during the process. Both carry your share of the bill-paying load.
- Pay them down as much as you can. – The more credit available the better your score. Pay your credit cards off but keep the credit lines open. As a couple, you will need to stay accountable to each other and work to keep paying them down!
- Don’t cancel them as soon as you pay them off. – Often the Security Seeker in the relationship will want to throw them away as soon as they are paid off. However to build the credit back up, you have to have the credit available for a period of time.
Make It Happen!
Scott and Bethany Palmer
The Money Couple
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