As a woman, I know it can seem like the cards are stacked against you financially. For example, statistics show that women earn 76 cents for every dollar men earn in the workplace. While that may not be fair, it doesn’t mean you can’t build credit as well as a man. It just means you may have to be a little more savvy. Luckily, that’s the part that often comes naturally to us women.
Studies show that the majority of married women take the lead when it comes to managing family finances. Better yet, women outnumber men in participation in investment clubs across America. And there are plenty of other things you can do to take control of your finances and build a healthy credit history. Here are some tips I’ve learned along the way:
- If you are married, you must develop a financial identity separate from your husband. It will give both you and your spouse greater independence for managing day-to-day finances and is crucial in the unfortunate event of divorce, death or incapacity of the husband.
- If you were married or divorced recently and changed your name, ask your creditors to change the name on your accounts, too. This will ensure your complete credit history on these accounts will be reported to the credit bureau under your new name and prevent credit history “evaporation.”
- If you have trouble getting credit, start your own credit identity by applying for a secured card in your own name.
- In the event of divorce, remove your name as co-signer from each joint account you have. Put your request in writing, send it Certified Mail, Return Receipt Requested, and keep a copy of your letter for your files.
- Check your credit report for inaccurate information and to be sure the accounts you share with your husband are being reported in both names.
For more financial tips specific to women, here are a few of my favorite Web sites:
