It's one thing trying to build your credit rating but when it comes to a partner, their credit score can have just as much of an effect on your life as your own. For example. if you want to enter into a financial agreement together, such as a mortgage or joint bank account - their credit will play a part in the approval or denial of the request.
It is therefore important to work as a team to improve the credit score of your partner and in this article, we are going to be exploring some great ways that you can help you, partner, to boost their credit score.
3 Ways To Help A Partner With Bad Credit
Help Them To Create A Budget
It is easy to set a budget, however, it is not always as simple to stick to it. For many people, a budget can be impossible without someone to guide and advise.
Sitting down with your partner and creating a realistic budget that they can stick to can help them to get their finances in order and pay off any pesky debts. On top of this, your partner may trust you enough to take care of their debit cards and cash so that you can distribute them according to the budget. Not only will this ensure that your partner sticks to the budget but it is also a great way of building trust and demonstrating how you work together as a financial team. Add Your Partner Onto Your Credit Card
If you have a good credit rating, simply adding your partner as an authorized user on the card can boost their score greatly. Your first thought might be that you do not want them having the ability to spend on your card but this doesn't have to be the case.
You do not need to supply your partner with a physical credit card linked to your account, the idea here is that by having their name on the account they will be associated with a recurring debt that is regularly paid - this will improve their score. Encourage Your Partner To Take Out A Credit Boosting Loan
One of the best ways to boost your partner's credit is to get them a loan that they can make regular, affordable repayments on. This will reflect on their credit score as them being a responsible borrower.
One of the main concerns when getting a loan if you have bad credit is that rejection is almost inevitable, but that is where you come in. By being a guarantor on the loan, your partner will be much more likely to obtain credit and in turn, be able to boost their score.
Boosting the credit score of your partner will have a positive impact on your life and your finances, especially if you are going into a financial commitment together,
There are various ways of helping your partner to improve their credit score such as encouraging them to take out a loan. This can easily be done by using a website such as NowLoan.co.uk which will allow you to find the best deal for your partner and provide you with a wealth of options to suit both of your needs.