Is Your Credit Marriage Worthy?
As a minister and relationship consultant to unmarried adults, I find it very interesting when I come across individuals (men and women) who feel as though they are truly ready for relationship and become consumed by the desire. The first question I typically ask is, “Have you, or are you continuing to develop yourself in all areas (spiritual, physical, social and financial) of life?” The initial response to this question is usually a resounding YES! However, there is often one stone left unturned that many of us hide from, neglect or ignore…CREDIT. Finances are a big reason for the failure of relationships and marriages after the glamour of the wedding and sex have worn off. When two individuals come together they inherit the financial and credit history of their mate. What will your mate inherit when they marry you?
Credit is often the big pink elephant in the corner of the room that no one wants to talk about. I am by no means advocating that you pull a copy of someone’s credit report or offer-up your own credit report on the first or second date. However, I do encourage you to begin working on your credit during your unmarried season and during the early part of courtship. You need to understand your current credit standing in order to develop an action plan for cleaning-up and improving your credit rating. Wouldn’t it be embarrassing for you not to assist in the qualification process of obtaining a home or automobile loan because of your credit? Make it a priority to clear up the little items (e.g. $30 past due bill owed to Comcast) on your report and develop an action plan to address any larger items (e.g. $2,000 owed to an apartment complex). Money is the primary excuse many people use to avoid dealing with debt and/or past credit issues. Bishop Dale Bronner (Word of Faith Worship Cathedral) said something very powerful during a seminar I attended and I will share with you as a reader. He mentioned a couple of options to maximize your financial situation:
1) Downsize and downgrade your current lifestyle and spending to accommodate a savings plan. You should never go a month without contributing to a personal savings account. All gurus advocate that you pay yourself first…after God of course.
2) Position yourself so your time is more valuable to the market and/or your current employer. Obtain certifications, licenses or advanced degrees so employers have to compensate you for your enhanced skills/knowledge.
3) Obtain a second job in order to generate additional cashflow to payoff outstanding debt and build a personal savings.
Please use the season that God has you in currently to take care of the little issues that can blossom into big issues when you connect with your lifemate. I promise your future spouse won’t be upset if you come to the table with an 800 credit score!
5 Steps to Improving Your Credit
1. Start by ordering your credit reports – Visit http://www.annualcreditreport.com or http://www.myfico.com. 2. Examine your reports for errors 3. Document errors on your credit report so they can be corrected or deleted. 4. Create a debt elimination plan so you have a start and end date for eliminating the source of bad credit. 5. Add stability to your credit file by paying down debts, re-establishing credit and using credit wisely.
If you have really bad credit or even filed for bankruptcy, don’t let your credit status go dormant. A secured credit card offers those with no credit and those rebuilding their credit an opportunity to start over and establish a new and solid credit history. Shop around for the best deal available, but limit your applications.
Managing your credit wisely creates a healthy financial environment for you and your future family. Don’t take it for granted! Start today by changing your mindset to want to improve in the area of managing your credit.
About the Contributor:
Kenny Pugh is an author, relationship coach, radio show host, singles ministry leader and sought-after speaker on singleness, relationships and life. Kenny is the host of the Chat Kafe Show (www.chatkafeonline.com) and is a frequent guest on various radio broadcasts. He is also the author of Can You Do It Standing Up? A Different Position on Relationships (www.kennypugh.com, www.amazon.com)
You can follow him on Facebook at Kenny Pugh or on Twitter @mrkennypugh.
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