Guest Author - Sharon Michaels
As women, financial self-reliance is not only important but a necessity. Statistically, we women have a pretty good chance that we’ll be totally responsible for taking care of ourselves at some time or another during our adult lives. Shouldn’t we be financially prepared?
Let me ask you a question:
Do you have credit and a credit history in your own name – your current name?
Credit in your own name is a part of financial self-reliance. Even if you’re happily married and in great financial shape as a couple, it is still advisable to have credit, a credit history and credit file as an individual, in your own name.
Here’s an example from my life:
My mother and father had a credit card at the local department store for over forty years. They each had a card with their individual names on it. The bills were sent in dad’s name only. Mom thought nothing of it as she made out the check each month and sent the payment in on time.
About ten years ago I talked with mom about applying for a credit card in her own name. She did, and with that very department store. It was denied. They said there was no credit history in her name or a bill paying history with the department store. She was confused and angry.
When dad passed away, it took mom time to establish credit in just her name. We both learned a valuable lesson about credit and credit history.
This story isn’t unusual. It doesn’t matter if you’re young or old. Whether you want to have a credit card, buy a new car or even a new home, you should have your own individual credit history - your own credit track record. Many hard-working, bill-paying women are denied credit simply because they haven’t establish a track record of using and paying back credit.
1. Begin somewhere to build a positive credit file. The local department store or the bank where you have your accounts are good places to start. Don’t apply for too many forms of credit at once. Start slow and pay the bills on time, that’s important.
2. As a married woman, you have the legal right to apply for a credit account in your own name. This credit will be based on your financial qualifications only, not including your husband’s. If currently you’re not in the financial position to qualify alone, you may want to apply for a secured credit card. There are many different secured cards available so shop around and make wise decisions about terms, conditions and interest rates.
3. Another alternative would be to take out a loan and have someone with good credit sign with you. As you make the on-time payments, your credit track record will become stronger. As your credit history builds, more credit opportunities will open for you.
Credit is a financial fact of life. Whether we like it or not, credit worthiness pays a major part in our ability to be financially self-reliant. With a little planning, we can become even more financially prepared for the unforeseen, unknown and even the every day “things” of life.
Here is a link to Amazon.com - here's a book I'd recommend if you’d like to learn more financial tips
Smart Women Finish Rich Smart Women Finish Rich
You may want to take a few minutes to visit my website www.SharonMichaels.com for more empowering suggestions, tools and tips.