The Mom Crowd

As mom’s we often think that our credit might not carry that much weight. But the truth of the matter is, that it really does. Even though you might be a stay at home mom or a soon to be stay at home mom, it is extremely important that you continue to stay on top of your credit score.

Did you know that you can even get free credit reports from various sources online? Many of these services are very user friendly and do not make it a painstaking process, and it is super simple to understand.

Before you get your Free Credit Report Score, be sure you are doing the right things to maximize your Credit Report. Often times, as stay at home moms we let things go to the way side, but your credit report is extremely important to understand, and make sure you are taking the right steps to keeping it as clean as possible.

Here are a few pitfalls that you want to avoid as a stay at home mom:

Having your credit report under your maiden name

Be sure that when you get married (or divorced) that you notify all three credit reporting agencies, and provide proof showing the name change. This could inhibit you from having a credit record in your new name, which in turn makes it slightly challenging to get a credit card or loan.  A few of the credit agencies will automatically make the change for you when they are notified by your creditors, but don’t assume that this will always happen. Be proactive, not reactive!

Get a credit card in your name – not just as an authorized user

When you have a credit card in your name it builds your own credit. This is often times difficult for stay at home moms because they do not have any income to report. So, if you have any current cards solely in your name, keep them! When you are just an authorized user on your spouse’s account, it is not the same thing as having a card in your name. Even if the credit limit is very low, it will help to maintain your current credit score.

Do not apply for too many credit cards

Sometimes we get impatient when it comes to credit cards. But even though you might have been declined for one reason or another, don’t just keep applying card after card. The temptation might be there, but the reality is, too many inquiries will have a negative reflection on your credit score. Therefore, if you continuously get declined, take the time to review your credit reports and scores to see if it is something you can fix before filling out that next credit application.

Pay attention to your credit report

Some may not even have a credit card in your name, but guess what…you should still have a credit report. There are several factors that play into your credit report. Be sure you review this report, in conjunction with your credit scores. You will want to do this annually. It is also of benefit to you to review your report to make sure there is not identity theft on your accounts.