If you try to buy something jointly, both of your credit histories will be considered, and "the worse report will probably get more consideration than the better one," says David Jones, president of the Association of Independent Consumer Credit Counseling Agencies.
If you plan to buy a car or a house soon, see if you can get the loan in your husband's name only. Or wait to make the big purchase until you've improved your credit score.
The median credit score is 723. If yours is in the 500s, "you have a problem," says Craig Watts of Fair Isaac, which compiles the FICO credit scores used by many lenders.
The best way to improve your score is to pay your bills on time and pay down your outstanding debt (for more tips see Myfico.com). Negative information can remain on your record for up to seven years, but "people with excellent credit habits can recover from the worst credit calamities in two to three years," says Watts.
It's also a good idea to check out your credit reports -- even if you think your record is fine -- to learn about areas that can be improved and to fix any errors. Everyone can now get one free credit report per year from each of the bureaus.
By Kimberly Lankford, Contributing Editor, Kiplinger's Personal Finance
