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9009 West Loop South, Seventh Floor, Houston Texas
1-866-889-9347 |
CCCS of South Jersey
A Division of Money Management International |
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Regional Headquarters - 3073 English Creek Ave., Suite 3
Egg Harbor Township New Jersey |
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Building Good Credit For Women |
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I have met many people who have bad credit ratings for a variety of reasons. However, one of the most unfair circumstances I see on a regular basis involves women who because of divorce, separation or the death of a spouse, discover that they cannot get the loans they need because all their credit information was in their husband’s name.
Usually, these are women who worked during their marriage, and many even handled the monthly chore of paying bills. Still, because all the loans and credit cards were in their husbands' names, there is no record of the responsibility they shared. This problem is often discovered when the woman applies for a credit card or an automobile loan and is declined because she has no credit history.
Although having no credit is better than having bad credit, it still presents some problems. Creditors lend money based on the potential that it will be paid back, and the only way they can determine the risk of a particular loan is through a credit report. So if you have no credit history, there’s no way to prove that you pay your debts.
So typically, women in this situation have to find someone who will cosign their loans. To get a credit card, they either have to get one with a high interest rate and an annual fee, or they have to apply for a secured credit card, which means they have to open a savings account of several hundred dollars, and leave the money there for as long as they have the secured card.
Other problems women have with credit result from changing their names when they get married or divorced. You may find that your accounts do not automatically transfer and your credit file has been “lost.”
All of this can be very frustrating, especially for someone who has dutifully made their debt payments on time, only to become a victim of circumstances.
To make sure you get credit for your good credit, there are a few important rules to follow. First, find out what kind of accounts you and your husband have. If it is a joint account, and both social security numbers are on the file, then any information about the account will appear on both your credit history and your spouse’s.
If, however, it is an individual account not in your name, the credit information will not add to your credit report.
Also, make sure you know your rights when it comes to credit. Two federal laws give you specific rights that help protect your credit information and help you obtain credit. They are the Equal Credit Opportunity Act, which prohibits creditors from discriminating on the basis of sex or marital status, and the Fair Credit Reporting Act, which protects consumer privacy and safeguards the accuracy of credit bureau reports.
The most important thing to remember is that you can protect yourself by following a few simple guidelines. First, start building good credit now by making sure both names are on every credit transaction.
If you had credit under a different name, or in a different location, make sure the credit bureaus have complete and accurate information. The names and phone numbers you need to check your credit history are listed under the heading “Credit” or “Credit Reporting Agencies” in the Yellow Pages.
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CCCS, A Division of Money Management International
Regional Headquarters - 3073 English Creek Ave., Suite 3, Egg Harbor Township New Jersey
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096
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