While it's not the most romantic topic of discussion, newlyweds should make it a top priority to openly discuss their individual credit histories. Of course, it's best to determine a credit strategy as a couple well before you say "I do". However, all too often the dreaded credit talk is avoided until it becomes an issue that can't be ignored any longer. Don't let this happen to you!
A common newlywed mistake is made when attempting to consolidate credit card accounts by closing all the cards in one spouse's name. It may seem like an easy way to make your financial life more simple, but this is never a good idea. Assuming you both have individual credit histories, it's better to keep your individual accounts open and simply add the other spouse as a joint account holder or authorized user. If you happen to have less than stellar credit in the first place, this is also a great way to improve your credit score by taking advantage of your spouse's superior credit history.
