Since today is Independence Day, I wanted to bring up another piece of financial independence. I recently watched a short video in a piece by the Huffington Post that really put this into perspective.
The #1 reason women don’t leave an abusive relationship is because their abuser has control of all of the money. It is terrifying to flee a relationship with nothing and even more so when children are involved.
Even in healthy relationships, many stay-at-home moms find themselves without a credit history and it can be difficult to obtain credit without a co-signer.
Financial independence is important.
If you find yourself in this situation or have a young adult in the household who will need to develop their own credit history, here are some tips on how to begin.
- Get a secured credit card from your bank or Capitol One.
- Gas cards, department store cards, college credit cards can be easier to obtain and are a great way to get started. Just stop by your local gas station and pick up an application.
- Obtain a small loan with a co-signer.
- Get a secured loan (with collateral) such as a car loan.
- Student loans can also help establish credit.
The most important things to remember are:
- Pay your bill on time
- Don’t spend more than you can pay off.
- If you do carry a balance, keep your balance low; maxed credit cards hurt your credit score
Having a high credit score opens many doors so it’s worth it to cultivate good credit.
Should you worry about your partner’s credit score? If you might be doing things like buying a house together, then yes, you should be concerned. Take steps to improve it now.
It’s important for women to develop good credit and to be educated on how to nurture your credit score. If you’re credit could be better, check out this site on how to improve your credit scores and establish a good credit history.
If you have found yourself in this situation, I’d love to hear from you.