Most couples today, especially those who are married, opt for a joint savings and credit account in order to minimize confusion with regards to their household’s finances. In terms of building up a good credit rating however, a single account would be much better as it can build off from the individual spouse’s credit history.

Whether or not a couple decides on using a joint credit account, it’s always useful to have a separate credit card in the name of the husband or wife. This should be the practice if one of the spouses already had a good rating before they got together. In the same way, it’s good to have a separate bank account as it makes it less of a hassle to keep track of income and expenditures unlike a joint account where keeping track of everything that comes in and out is much harder.

As the couple finds more ways of keeping their accounts much more manageable, they should keep in mind that some of the most basic things can help build up their rating. Paying bills before they become due and at the minimum required amount will slowly but surely help create a strong foundation for the family’s credit future. This can then be used for larger borrowings such as car loans or mortgages without getting into too much hassle.