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 Dear
Debt Adviser,
My fiancee and I would like to get a new credit
card to put wedding expenses on. She has a higher
FICO score than I do (hers is in the 720-730 area,
mine is in the mid-600s), but I make considerably
more money than she does ($60,000 versus $20,000).
The credit card we would be applying for would
normally require a score like hers. I want to
know if it would be wise for us to apply for the
card jointly, or if she should apply for the card
by herself. I would think she would be able to
get the card by herself, but I wonder if the credit
limit she would receive would be very low considering
her income. Thanks in advance!
-- Craig
 Dear
Craig,
Oh ... my ... goodness.
How do I get your attention without
using a two-by-four? Why is your credit score
in the 600s? Why haven't you saved for the wedding?
Why are you using a credit card, of all things,
to finance what should be one of the happiest
days of your lives? How much of a limit are you
looking for, anyway?!
Is your fiancee in such a state
of bliss that she doesn't realize that by financing
the wedding on a card in her name she will be
solely responsible for the debt?
These and other questions come to
my mind immediately. That they haven't come to
either of yours yet makes me very concerned.
My advice is not to finance your
futures, especially with a variable interest rate
loan! A better idea is to save for the wedding
expenses for which you would be using a credit
card. If you want or need to get married
before you are able to save the money, cut back
on the expenses for the wedding so you don't need
to charge anything. I also endorse bringing each
of your parents into the funding decision and
letting them contribute to the extent they are
able.
Being an experienced adviser, parent and husband, I am all
too aware that if you are not wildly optimistic
about your futures now, you probably never will
be. So, if you want to know how to do things your
way, here goes:
It is not a good idea for either
one of you to get stuck with the bill for the
wedding if you part ways before the tab is paid.
So, why not take an egalitarian approach: Apply
for two credit cards, one in each of your names,
and split the costs based on your respective incomes.
So, if she makes one-fourth of the household income,
let her put one-fourth of the charged amount on
her card.
It is important for you each to
have credit in your own names and the financial
responsibility would be shared equally. I know,
I know, you are getting married and will be sharing
everything quite willingly. Do this for the protection
of both of you.
Now to the part that no one wants
to discuss -- paying off the balance. I would
hope you are charging no more than what you can
pay off in nine months or less. You will still
be gazing into each other's eyes with love and
passion and planning a wonderful future together
at that point. Also, from a practical standpoint,
unless you already have one, you'll be clear of
this debt before any new little expenses are born.
Seriously, have a plan in place to pay off the balance from the wedding as quickly as you can.
Good luck!
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