The 5 most common credit mistakes Engaged couples make

Couples who are getting ready for their big day spend an enormous amount of time and energy on the details of their wedding. During the hectic preparation season, one of the most important matters that should be discussed and planned is how credit cards are going to be managed. Unfortunately, because of lack of time many couples fail to do just that. Here are the 5 most common credit mistakes.

Not Valuing Your Credit
Good credit is a valuable commodity in today’s world. Good credit is needed to get an apartment, vehicle or line of credit. Bad credit,
including a bad credit record, late payments on credit cards can create a negative financial profile that can surface when a couple may decide
that they have a legitimate need (to borrow) to purchase a house or car.

Raising your credit card limits
If you’re both using credit cards, avoid raising your limits. An increased limit is merely an increased temptation to continue to spend. If a credit
card company notifies you that they are raising your credit limit, take that as a warning signal. Try to use your cards only for emergencies.

Not monitoring your credit
Know where you both stand! If you relocate or get new jobs, some lenders and prospective employers can get a snapshot of your debt
repayment history with your credit report. You should know before they do what they are going to be seeing.

Not monitoring your credit score
A good credit score can determine a lot of things today; whether you will be approved for credit, the interest rate on a loan you both may
take out, the cost of your homeowner’s and auto insurance or whether you will be approved to rent a house or apartment. Make sure you
monitor your credit monthly!

Not knowing your credit card interest rates and fees
Fees may vary widely among credit card companies. Always make sure you both know what the interest rate and annual fees are before you
accept a new card. If you have a credit card with a high interest rate, you should both make an effort to pay off that card and close that
account.

Finances in a new marriage can sometimes bring strife if some of these issues are not addressed. Make sure you take some time to go over
your financial picture and make the necessary adjustments to a healthy financial start to your marriage!

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