smart spending

6 common but illegal money habits that can get you in big trouble

Using someone else's identity to get credit
Using someone else's identity to obtain credit © JohnKwan/Shutterstock.com

Using someone else's identity to get credit

Trying to obtain credit through the use of someone else's name and identity is an obvious no-no. But suppose -- and Kaplan says she has heard of such cases -- a parent whose credit has been ruined uses a child's name and identity to open new credit accounts. Is that a problem? You bet.

"It's illegal to pose as someone else," Kaplan says, "but there is also a moral question: Do you want to punish your child and wreck their credit as well?"

You can keep an eye on your credit by getting a credit score for free at myBankrate.

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