If you think you might be a secret spender, Experian has the following advice:
Remember, no two people are the same and we all have been guilty of having a little splurge every now and again, even if we know we shouldn’t. The question is whether your financial secrets risk hampering your shared goals for the future?
Whatever your financial situation, it’s yours to control. Understanding your spending, savings, debt and how you can achieve your future goals will help you get on the right track for the future.
Understand your past:
We all have a financial history and how you have managed any debt you have had in the past, has an impact on how lenders will look at applications you make in the future. Your Experian credit report will show your credit history for the last six years including a summary of money owed and also the positive and negative factors that are affecting your Experian credit score
If your partner is a saver, and you are a spender, joint financial arrangements may not be the answer. If you have joint financial accounts, your credit reports will become linked which could possibly damage you / your partner’s chances of getting approved for credit in the future – and at the best rates.
Plan for your future, together:
If debt or your credit history is the problem, there is light at the end of the tunnel. Credit reports generally only look back 6 years and lenders will always give greater weighting to your most recent behaviour. Speak to the credit experts and get as much advice as you or your partner needs to improve the picture your credit report paints of you.