Spouses share a lot, but no matter your relationship status, your credit score belongs to you and you alone. Even if you’re 100% supported financially by your spouse or partner, establishing and building your own credit score is essential.
It can benefit you both as you navigate financial decisions together. But should you divorce or your spouse die, having good or excellent credit can help you as you begin to make financial decisions on your own. Your credit score also comes into play when you apply for a credit card in your own name, which you can do even if you don’t earn an income. So long as you’re 21 or older, you can include your spouse’s income on the card application.
Davis likens credit access to insurance — it’s something that’s good to have, whether or not you need it at the moment. You can become an authorized user on your spouse’s credit card. They’d be responsible for making payments, but if they pay on time each month and you both avoid charging more than 30% of the credit limit, over time this can build your credit score. Applying for loans under both of your names, like an auto loan or mortgage, can also be helpful as on-time payments will be reflected on both of your credit reports.
As a credit card authorized user, you’re at the mercy of the primary cardholder’s behaviors. If your spouse makes late payments, that can negatively impact your credit. You’ll want to set a budget with each other, because when more than one person uses the same card, it’s that much easier to overspend. Becoming an authorized user is an exercise in trust and communication.