Posted on: 01st Aug, 2013 12:31 am
My husband is planning to start a new business but does not have any knowledge about it. I have already suffered from bad credit few years back due to ignorant decisions that I made. Now I am concerned that if his business goes wrong, my credit will be affected. What do I do?
If the business is solely in your husband's name, then anything related to that business will not have any negative impact on your credit.
Hi Moore,
Your personal credit will not be affected due to the failure of your husband's business.
Thanks
Your personal credit will not be affected due to the failure of your husband's business.
Thanks
The only way your credit can be impacted by your husbans business is if you personally are connected to the finances of the business. If the business is partly in your name then, yes, you may be affected by any missteps taken with the business. If it is all in your husban name, he carries the weight of credit responsibility. DailyCreditMonitoring has some great tips for keeping up with your credit and checking your credit score.