If something happens to DH....
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| Thu, 02-12-2009 - 9:32am |
Will I be screwed with the CCs? Hopefully, if the worst happens, we'll have enough money that I'll be OK and it won't be an issue, but something I read here the other day made me start to wonder.
I'm a SAHM. The only CCs I have are joint CCs where DH is the primary cardholder. If he dies, will I lose access to those two cards? I know the Citibank won't let me do certain things like request a lower interest rate. The idea of losing DH and not having any income or access to credit scares me. If I'm right about that, it seems unfair that I would no longer be able to use the cards, but I would still be on the hook for paying them.
At one time I did have CCs in my own name, but DH's were a better deal and we closed most of mine before the FICO score was so important. There is one still listed on my credit report as open, but I haven't used it in about 15 years and they haven't reported any information to the credit bureaus in a few years. I don't have the account number or anything, so I can't imagine just calling them and telling them I want a new card and BTW, I'm married now and have changed my name and address.... and expect them to not give me a hard time. LOL.
Hopefully, we'll be able to clean up our financial lives and have a good healthy e-fund, so if anything happens to him, I'll have the money to get us through until I could get things like life insurance, his retirement funds, a job, etc. It also makes me realize how important it is to have a financial power of attorney, so if he is incapacitated I can make financial decisions without him.






Why not pick a couple of cards that you would want to be able to use and call the companies and ask? Each one may have its own rules. Asking is the only way to know. I know Mary Ann has a story about a friend of hers whose husband died and she couldn't get at his money, but a lot has changed since then.
I'm the primary on practically everything DH and I have, but I'm working on making sure he has full access to everything. I discovered, for example, that while he can do whatever he wants with our credit union accounts online, he can't by phone. Goofy, right? I have to send in a couple of identifying things so that it's truly a *joint* account, not one with a primary and a secondary holder.
One other thing - my parents always had joint accounts. If it's a joint account, of course, it remains open if one of the co-owners dies. After my mother died, my father named me the co-owner of the accounts, so that if he dies, I can have immediate access to his money to pay for his funeral and any other expenses. Smart man, eh?
Kelly
I believe a SAHM needs three things
1. A saving account in her name alone. At least a month and a half living money in it.
fire_bug,
You wrote: There is one still listed on my credit report as open, but I haven't used it in about 15 years and they haven't reported any information to the credit bureaus in a few years. I don't have the account number or anything, so I can't imagine just calling them and telling them I want a new card and BTW, I'm married now and have changed my name and address.... and expect them to not give me a hard time. LOL.
I would go ahead and do just that. As long as you can answer the security questions and/or send in information validating your identity, I don't see any reason they wouldn't issue you a new card. I have a revived citibank card that I didn't use for at least 10 years, in which time I was divorced and remarried. I had changed my name plus my address. On my credit report I see my card listed as a card I've had since 1989.
Having a long standing card is great for your credit score!
Thanks Carolyn,
Raymond made me go out today He took me to this ice cream place and made me pick out my valentine present I got banana ice cream. After being out in the air a while I did ok. Forgot the damn cane but I didn't fall down either. Held on the Raymond.
Mary Ann