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Will fianc?es bad credit impact mine

Dear Dave,

I just recently got engaged and my fianc?e has pretty bad credit. I was just wondering if it will affect my credit when we get married. Right now my credit is very good, and I don’t have any credit cards or car payments at all, but I was interested to see if being married will affect my credit rating.

Alison

Effingham, Ill.

Dear Alison,

No. Getting married to someone with bad credit will not affect your credit at all. Here’s the deal: It does not leap off your husband’s credit report on to yours the moment you put the ring on your finger.

There are two things that will occur when you two get married. The first is that your credit bureau will begin to reflect the fact that he is your husband; he will be listed as ‘spouse’ on your report. And also, if there is a reason to, they will turn around and pull his credit bureau. Then they will find that half of this ‘team’ has some problems or has had some problems in the past.

Now where it will really affect you the most, or where you will see the effect of his credit on you is when you go to buy something big like a home. You will find that it may be difficult if there are problems with his credit report still at that point. But other than that, you will have no problems on the day to day issues. Especially since you know not to go out and start charging a bunch of stuff and getting loans just because you can. You need to focus on getting his credit problems cleaned up as soon as you can once you are married.

The underlying issue here is that there are two polar opposites who are about to become one. You need to make sure you are getting some premarital counseling by a trained counselor such as your pastor. Also you have to promise me that you will sit down soon and start agreeing on money issues. Don’t be afraid to talk about money and doing a budget together. You are going to be dealing with money for the rest of your lives, so it is very, very important that you start agreeing on what your goals are now. It will set the foundation for you to agree on all of your goals and dreams in the future.

Dave


Opportunity to be a sales rep in multi-level company

Dear Dave,

My husband and I have been presented with an opportunity to buy into a new energy company. With the deregulation of energy here in Texas, there are many opportunities for your energy to be obtained from different companies. Evidently you can buy into these companies and can become a sales rep. Then with your accounts and with other representatives that you get to come in under you, you can earn commissions, bonuses and residuals as well. It will cost us $500 to sign up and then $50 per month to stay in it. I just don’t know if it is a waste of our money or if it is something we should seriously consider. Can you help?

Jennifer

Beaumont, Tex.

Dear Jennifer,

This is a multi-level company and frankly, that scares me. Now let me tell you this: all multi-level companies are not bad, but some are and start-ups scare me the most. I will tell you that if someone came to my door and wanted me to buy my gasoline or electricity from a multi-level organization, and that whether or not my lights stayed on were dependant upon that company, I would say no thanks. And I don’t think many people would be fond of that idea at all. Especially where you guys are living. People in Texas in the middle of the summer want to know that their air conditioners are going to work all summer.

There are two aspects you want to look at with multi-level companies. One is the stability of the company financially, and two is if the idea is strong. Would you buy the product if you weren’t interested in selling the stuff? My first thought is that I would not buy your stuff. You need to ask yourself in this situation if you would buy you’re getting ready to sell. There is a multi-level company out there that sells food and will deliver to your house. Well, some people would do that, but the truth is most people do not have food delivered to their house. It is an unusual practice. You are asking the consumer to change their buying habits. That is a tough sale from a marketing perspective.
I think the idea you are looking at here would be very tough to sell. That is not a slam on this company that you are looking at because I don’t even know who you are talking about, but think about this. If it is a great idea, it will be around in a year and you will not have missed your opportunity. Let it sit for a while, and then revisit it in the future if you really want to. Right now it just feels like it is going to be a hard sale, and that is definitely one of the types of multi-level companies that you want to stay away from. I have heard it said, “When in doubt…don’t.” Sometimes you just get a feeling on something and that could be an indicator that you shouldn’t do it at all.

Dave

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