Managing your finances and your relationship can be quite a balancing act. Share a credit account? Then you share credit report information too.
It can mean you’re more linked than you think. If you have applied for credit together, lenders will usually look at both of your credit reports when working out any future credit applications, even if it’s only for one of you.
To mark Valentine’s Day, we asked some of our favourite finance, family and budgeting bloggers to share with us how they’ve managed to balance love and money, and what their tips are to make shared finances – and sharing outgoings in general – as harmonious as the day Cupid’s arrow first arrives.
Joint finances, joint decisions
Emma from EmmaDrew.Info: “My husband and I earn significantly different amounts which we really struggled with. We now put all of our earnings into our joint bank account, which covers our joint spending. What really helped us was that we now both withdraw the same amount of “pocket money” from the joint account, meaning that we have a level footing. This has made such a difference to how we feel about our money and I would recommend it.”@emmadrewinfo
These no-frills cards are aimed at people who need to help build their credit history. They often have low credit limits to start with and a high APR, but paying off the bill each month can help show lenders that you’re reliable. Applying for too many cards at once can hurt your credit score even more, so it’s an idea to choose a credit card you’re more likely to get, and one that suits your needs best.
For many of us, gone are the days when we’d choose a bank account, an energy deal or a mortgage and sit back and stay with it come what may.
There’s arguably never been as much choice out there as there is now, and no shortage of account providers and suppliers looking to attract new customers.
And it’s not just switching companies – with energy providers and mobile phone contracts, your own provider may have introduced new deals that are far better for you than the one you’re on at the moment.
And with highly competitive markets like mobile phone, energy, broadband or insurance, once an introductory deal is over many people allow their contracts to roll on to higher rates without even realising it – so they end up paying more each month for the same thing.
Parents often wonder exasperatedly if their offspring ever listen to their advice – but it appears that today’s young adults have learnt from the experiences of their elders when it comes to their finances.
Experian’s Millennial Me & My Money report found that 45% of Millennials – that’s 18-34 year olds – manage to save at least a quarter of their disposable income each month, compared to just a third (34%) of 35-55-year-olds (widely known as Generation X).
Millennials who believe their parents have had a positive influence on their money habits have almost double the savings of those who say their parents had a negative influence.
However, those who say their parents have had a negative influence on their money management are more than twice as likely to have missed an agreed credit repayment, twice as likely to have been refused credit, and twice as likely to have run out of money before payday in the past. Continue reading →
I’ve been looking to get some improvements done around my home lately. The kitchen has been looking a bit tired so I was thinking about getting a loan to cover the cost.
Before I even contacted my bank, I checked my credit report to make sure that all of my accounts that I expected to be showing were on the report. The more information a lender can see the better picture they will have of my credit history. If you have well run accounts then you want to be sure the lender can see them!
There are times though, when information that you might be expecting to show on your report doesn’t appear. Continue reading →
People become self employed for all sorts of reasons. Perhaps they want more freedom and want to fit their work around their lives more, perhaps it’s just the best option available, or maybe they feel ready to take on the challenge of running their own business.
Whether you’re a painter & decorator, an internet start-up or planning to write that great novel, there are a few things you could benefit from before you dive into the world of working for yourself. It’s something this writer has tried – and learned a lot of lessons from. Continue reading →
Gray from Experian Experts explains how late payments on your credit report might affect your credit application, and what you could do to help give your credit application a better chance of success. You can see more videos from Experian’s Experts on our YouTube channel.
In the first of a regular video series that we’ll be hosting on our YouTube channel - the Credit Café - Experian Experts James Jones and Joanne Leahy explain who decides if you get approved for credit.
This video is one of four short episodes in the ‘Demystifying Credit’ series that we’ll be posting on YouTube, every Friday for the rest of January. Look out for the next one coming soon on our YouTube channel.
Here are 4 ways your credit report can show how good management of your credit card could help improve your credit rating:
Check out your credit report before you apply for new credit, as this can give you the best indication of whether or not you’d get accepted, and after that check your credit report on an on-going basis.
Ensure that the information on your credit report is accurate, up-to-date, and reflects your present circumstances, as there may be some discrepancies. Should you find anything that isn’t right, then contact the relevant lenders to get it altered. Watch out too for unfamiliar or suspicious entries there that could indicate identity fraud, and financial associations which are no longer relevant. Continue reading →