How to Develop and Maintain the Credit History of a Stay-At-Home Spouse

Let's answer the most important question first: Why is this article even important? Why talk about this? First and foremost, at some point or the other, we have all been in a 'Stay-At-Home' situation. You probably had a time in your life when you were not working, in between jobs, or working on a career change, etc.

In a spousal situation, this 'Stay-At-Home' period extends a little longer than usual. Why? Because there is someone else working to provide the basic necessities of life. But that can change. For some reason, if you and your spouse part ways due to death, separation or you simply decide to return to work, then you better have developed & maintained your credit history. So let's get to it.

Consider separate bank accounts: The biggest temptation here is to save on the banking fee, especially when you have no income. Keeping an account is important and there are plenty of no-fee account options out there. Have your spouse take all the monthly expense money and deposit it in his or her account. Then spend the money from there.

Have at least one credit card in your name: Even if you use a common credit card for all household purchases, open and keep a credit card active in your name. Use it once in a while. Both spouses should have a card each, that is not connected to the other.

Build your credit rating: Look at ways to build your credit worthiness. Have a utility in your name or your own cell phone bill in your name AND make payments on time.

A good credit history will come in handy if you wish to buy a car or a house, perhaps after returning to the work force.


Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

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