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Moses is alleged to have received the 10 commandments on the mountain top, Now a new voice may be added from the Tower of FICO and also the ordinary way of doing things offers changed. A successful marriage has usually required astute planning, particularly financial. From years like a marriage counselor, it is my experience how the major hurdles are sex and money although not necessarily in that order.. And interestingly enough I required that any participant within the Marriage Symposium I sponsored be married no less than five years. This is an arbitrary figure determined by myself I've discovered that those married over five many years have different problems than those hitched less. After five years the romanticism has flowered and also the reality of spending your life with someone sightly not the same as the one I married has begun in the future crashing down. But these new FICO rules tend to be raising havoc with married couples in addition to with partners and live-i
ns.. For years it's been common practice to include one's spouse being an authorized signatory on the other spouse's charge cards. At first blush, it seemed so romantic - signifying the oneness in our union. Then it became a useful matter. Put the spouse on the gasoline charge card so each could purchase fuel with regard to his/her car at one's leisure. Then it had been extended to department credit cards so clothing along with other household purchases can be made through the one who usually shops for individuals items. After all doesn't that spouse has additional time for that sort of thing. Besides it is a lot more convenient to write just one examine every monthNow with many department stores getting rid of their own individual credit card (Target becoming the latest), why not put the spouse about the VISA or MASTERCARD, since they tend to be more universally accepted whenever and where actually one shops. In that way the amount of cards being carried can be reduced here
by reducing the danger of being lost or stolen. Great sound thinking and practice. After all - we're one unionAt this point enter FICO and also the rules change. With the advent from the Credit Society, it became necessary to possess a central source to determine the creditworthiness of the individual applying for credit. What is that applicant's credit rating? The 3 big credit reporting companies entered the scene and fulfilled cease gap measure. But who has the time to look at a lengthy though accurate report once the needs of the customer who is before me must be served before he decides to consider his business elsewhere. Now if there have been some simple mathematical figure that could represent the credit history of a potential customer and consequently the financial risk to some lender, instant decisions could be made that have been reliable. The Fair Isaac Co grasped the chance and FICO enters the scene. But because always, someone is bound and determined to beat the
machine. Part of the American Dream is owning your own house. But how sell a home to somebody who has a low credit score. To deprive that someone from the American Dream is un-American. I'll build houses but only if you're able to buy So there arose a new market - individuals with excellent credit (for a fee, of course) could rent their account to 1 with a low credit score - make sure they are an authorized signatory. The one using the low score realized the American Desire. The person renting his account obtained a fee, the housing market boomed, the actual economy flourished, unemployment was reduced. Everybody was happy. It appeared to be the WIN - WIN situation. Then the actual bubble burst and foreclosures became typical. FICO changed its rules again and tightened on renting out one's account (known within the trade as piggybacking... ) Well intended however the innocent also suffer. Remember that spouse who thought it had been romantic to put their spouse on the accou
nt. Suddenly the spouse put on another's charge card has no individual credit despite a brief history of timely payments, etc. And inside a time of financial crisis, credit is just granted on one's individual credit background. No credit history - no credit score. What's a spouse to do???? In my estimation, each spouse should retain sole control of any charge card and adopt the new Marriage Commandment - YOU ARE ABLE TO SHARE MY BED BUT NOT MY CHARGE CARD!!!
Don SheehyMyakka City, FL[http://www.more4trust.com]don@more4trust. comMost of this information is dependant on my personal experiences studying Marriage Guidance at Catholic University while pursuing among my degrees, years as an lawyer is Washington, DC and Maryland in conjunction with years as Chief Administrative Law Assess. Also as Administrator of the FOCUS Program a wedding preparatory program in the Outer Banking institutions, NC
View this post on my blog: http://creditcard.valuegov.com/thou-may-share-my-bed-but-not-my-credit-card/
ns.. For years it's been common practice to include one's spouse being an authorized signatory on the other spouse's charge cards. At first blush, it seemed so romantic - signifying the oneness in our union. Then it became a useful matter. Put the spouse on the gasoline charge card so each could purchase fuel with regard to his/her car at one's leisure. Then it had been extended to department credit cards so clothing along with other household purchases can be made through the one who usually shops for individuals items. After all doesn't that spouse has additional time for that sort of thing. Besides it is a lot more convenient to write just one examine every monthNow with many department stores getting rid of their own individual credit card (Target becoming the latest), why not put the spouse about the VISA or MASTERCARD, since they tend to be more universally accepted whenever and where actually one shops. In that way the amount of cards being carried can be reduced here
by reducing the danger of being lost or stolen. Great sound thinking and practice. After all - we're one unionAt this point enter FICO and also the rules change. With the advent from the Credit Society, it became necessary to possess a central source to determine the creditworthiness of the individual applying for credit. What is that applicant's credit rating? The 3 big credit reporting companies entered the scene and fulfilled cease gap measure. But who has the time to look at a lengthy though accurate report once the needs of the customer who is before me must be served before he decides to consider his business elsewhere. Now if there have been some simple mathematical figure that could represent the credit history of a potential customer and consequently the financial risk to some lender, instant decisions could be made that have been reliable. The Fair Isaac Co grasped the chance and FICO enters the scene. But because always, someone is bound and determined to beat the
machine. Part of the American Dream is owning your own house. But how sell a home to somebody who has a low credit score. To deprive that someone from the American Dream is un-American. I'll build houses but only if you're able to buy So there arose a new market - individuals with excellent credit (for a fee, of course) could rent their account to 1 with a low credit score - make sure they are an authorized signatory. The one using the low score realized the American Desire. The person renting his account obtained a fee, the housing market boomed, the actual economy flourished, unemployment was reduced. Everybody was happy. It appeared to be the WIN - WIN situation. Then the actual bubble burst and foreclosures became typical. FICO changed its rules again and tightened on renting out one's account (known within the trade as piggybacking... ) Well intended however the innocent also suffer. Remember that spouse who thought it had been romantic to put their spouse on the accou
nt. Suddenly the spouse put on another's charge card has no individual credit despite a brief history of timely payments, etc. And inside a time of financial crisis, credit is just granted on one's individual credit background. No credit history - no credit score. What's a spouse to do???? In my estimation, each spouse should retain sole control of any charge card and adopt the new Marriage Commandment - YOU ARE ABLE TO SHARE MY BED BUT NOT MY CHARGE CARD!!!
Don SheehyMyakka City, FL[http://www.more4trust.com]don@more4trust. comMost of this information is dependant on my personal experiences studying Marriage Guidance at Catholic University while pursuing among my degrees, years as an lawyer is Washington, DC and Maryland in conjunction with years as Chief Administrative Law Assess. Also as Administrator of the FOCUS Program a wedding preparatory program in the Outer Banking institutions, NC
View this post on my blog: http://creditcard.valuegov.com/thou-may-share-my-bed-but-not-my-credit-card/
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