19-Dec-2018 written by : FSI-Team
There used to be a time, where marriages used to happen just like that. The parents used to decide for their children and the children used to tie knots of togetherness without any questions asked.
Somewhere down the line, this pattern has changed. Nowadays people find their own partners and get married with or without their parent’s consent. When they start the process of thinking if they want to get married with the opposite person, they want to know a lot of things, in which credit score is also one of the major criteria’s. A good cibil score gives the opposite person a fair idea if they are financially stable and if they are good with handling their finances.
Now, let’s say that you got married to the girl of your dreams and due to some reasons she chooses to become a housewife. An emergency situation arises and you are need of urgent funds, you have exhausted all your financial options and know that you won’t be getting any help from your family and friends. The question here is, is it important to have a credit scoring for your spouse, if she is a housewife?
You do not know, in what ways or time you may need urgent funds and in such situations your spouse’s credit score can play a major role to fill that financial gap. Almost everyone around us has a credit score; the only difference is some people have bad and some people have good credit score. When it comes to your spouse, even if she is a housewife, she will be having a stable credit score if she has not default any loans in the past. If you need to take necessary measures to get her cibil score up, so that in urgent need you will have a financial backup.
If you happen to know, that your spouse’s credit score is bad, you can take the following measures to get the score up, it is a lengthy task but we are sure it will be worth it when in urgent need.
When you apply for an add-on card to your credit card, you authorize your spouse to use your limit and the bank or the credit card lender gives you the option to split payments, i.e. if your spouse wants to pay their bill, they can pay on their own. This way by making time to time payment, the score can go up eventually.
This is the easiest loan you can get without submitting lots of documents and has speedy process. Some consumer durable loans get sanctioned within minutes and you get the desired product for no cost EMI, i.e. without interest. Get a small consumer durable loan which can help you build your spouse’s cibil score and as long as you pay the dues on time.
Discussions can be healthy. Not many married couple is comfortable discussing financials with each other. It is always advised that just like any other matter; you should sit and discuss your financials with each other to get a clear picture on who can contribute how much. This will not only help you sort your finances, but will help you understand each other even more and avoid to make it on the loan defaulter list.
There are a lot of factors which makes a marriage perfect, cibil score is also one of them. Don’t be hesitant to discuss finance with each other as this can get you out of big troubles, when you are in one.