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Every couple has to come up with a way to manage their money. Some merge their personal finances and manage them as a single household, while others choose to have separate accounts. Either way, couples need to find with the best way to manage their credit cards.
The basics of credit cards and marriage
A credit card issuer doesn’t care that you are married. It will look at your personal credit report and credit score when making the decision to approve your application for a new credit card or to increase your line of credit. In fact, you are able to report your household income when applying for a line of credit. This allows nonworking spouses to apply for credit card accounts in their own name, so long as they have a reasonable expectation of access to their spouse’s income for the purpose of repaying the debt. (See also: 7 Credit Card Application Tips for Getting Approved)
Managing finances separately
If you and your spouse are managing your finances separately, there are still several strategies you can take to get the most from your credit cards. First, it’s a good idea for each of you to have credit cards in your own name, and pay for them with funds from your individual accounts. This will allow each to enjoy the convenience and security of a credit card, while building your own credit history and credit score.
If a couple is managing their finances separately, and one spouse occasionally needs to make purchases on behalf of the other, then they should each make the other spouse an authorized user on at least one credit card they each hold. Authorized cardholders can make purchases with their credit card, but are…
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