Woman’s Guide to Establishing a Financial Identity

Posted by: Sally S. | Jan 18,2008

Many women struggle with establishing their own financial identity. If you’re widowed or if you’ve been through a divorce, you may have found out the hard way that you don’t have your own financial identity. If your credit cards and loans were in your husband’s name, your credit score won’t reflect the efforts you made to make payments on those accounts. How women can establish their own financial identity:

 

If you are widowed or divorced, as appropriate, you can ask that some credit cards and loans be transferred to your name. This will help improve your credit score. If you have never had a loan or credit card in your name, get one or the other to start building your credit history.

 

Set up a long term plan for improving your credit score. This may include switching jobs or moving to get a boost in your career. Think about where you’d like to be in your career in five years, ten years and twenty years. That will help you put your financial identity in perspective.

 

Make arrangements for you and your children to make sure your family has the financial support it needs if you get sick or pass away. You can set up trust funds, a will and designate someone to oversee your finances to help protect your family.

 

If you haven’t done so already, order your free annual credit report. Review the entries on your credit report, look for discrepancies and identity ways you can improve your credit score. 

 

 

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