Finances and Marriage: Active Accounts

In our previous segment we covered the first step, budgeting, in our Marriage and Finances blog series. Once a budget has been set this should allow for a bigger gap between your income and your spending. So what should be done with these additional funds? Today we will cover how these additional funds should be applied to maximize your finances for marriage.

Once you are married you will need to think for the future. Many consumers are so focused on the now they fail to see how their current actions will affect their future needs. These future needs can include purchasing a home or taking on financing for your child’s student loans. If you are currently behind on any active accounts incurring late payments, or allowing accounts to fall into collections, a majority of these actions can still follow you for another seven years.


  1. Have late payments?
    • Start by catching up your active accounts that report to the three major credit bureaus and stop the bleeding. These accounts can include credit cards, auto loans, and mortgage payments. Even if you are making your minimum payment, if you still have a past due balance you could still be acquiring new late payments.  Even if you catch up your account, each late payment you acquire can remain on your credit for up to seven years.
    • Once you have caught up the accounts that report to your credit on a monthly basis, you can now work on active accounts that do not report. These accounts can include various utility bills and rent. These do not report on your credit or benefit your scores in any way. Although these accounts do not report to the three major credit bureaus, if the accounts are not caught up they could be at risk to be turned over to collections.
  1. Are you at risk of getting new collections?
    • Avoid collections like a plague. The worst thing you can do to your credit is to just let go of an account and allow it to go into collections. Do everything possible to avoid the account from going into a collection status. Catch up the payments, pay off balances, or reach out to the company to make payment arrangements if you cannot pay the balance in full before it is turned over to collections.
    • Once an account is turned over to collections, even if it is paid, the derogatory mark can remain on your credit for up to seven years. Some companies can pursue you legally turning the collection into a public record which can remain on your credit for up to ten years! If you are unsure of the collections reporting on your credit you have the right to dispute these collections to confirm its accuracy. We’ll cover this in more detail in our next segment.
  1. Don’t have any active accounts that report to the three major credit bureaus?
    • Be sure to at least have one active credit card reporting to all three credit bureaus. This is to ensure that you are reporting positive payment history to all the three major credit bureaus to help optimize your credit scores. Not having a positive active line of credit can place you at risk of a lower credit score, or no credit score due to insufficient credit history.


Taking these steps with your accounts can help you whether you are single, engaged, or married. The slightest adjustments in these areas can help maximize your finances and optimize your credit and credit scores, resulting in better financing opportunities and more favorable terms. Continue to follow back up with us in the coming weeks for more on this segment. If you have any questions regarding your credit or finances contact MSI Credit Solutions. We can provide you with a free, no obligation credit consultation to determine your needs and guide you along the credit restoration process.




MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.

 *The information in this article has been provided strictly for educational purposes.


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