How will husband’s death hurt my credit

Bruce Williams

DEAR BRUCE: What are the pros and cons about informing credit card companies when a spouse dies. My husband passed away and he was the primary on several cards. I do have cards in my name as well as my own bank accounts, etc. Will it affect my credit rating to remove his name? The companies are not talking to me when I call. What should I do? — V.S., via e-mail

DEAR V.S.: You mentioned that you have several cards in your own name. Why do you need this many credit cards in your husband’s name and your own? Oftentimes, the lender will refuse to renew the card if they knew your husband had passed away, but so what? If you have adequate credit in your own name, as you apparently have, simply notify the credit card companies that you no longer have use for these and that your husband has died.

Contact the companies where the credit is in your name and have your limits raised if that is a concern to you. I’ve never understood why people feel they have to have a pocket full of credit cards when one or two should be adequate.

DEAR BRUCE: My husband’s son is 25 years old, just started working full-time and will be attending school part-time to obtain his master’s degree. Since we bought a car for him while he was going to school, we added his car to our insurance policy. If he were to ever have an accident, could we be held accountable since we pay for the insurance? — R.D., via e-mail

DEAR R.D.: Isn’t it time to cut the cord? While you purchased the car for him, I assume that it is in his name. If that’s the case, let him go out and buy his own insurance. I see no reason to have any connection to you. It is likely there is no liability on your part. It would seem to me that the wisest thing to do would be to let him establish his own life, including having the car and the insurance in his name and letting him pay the premium.

DEAR BRUCE: My fiance would like to make a down payment on a condo in our area rather than rent an apartment. He says we are throwing money away renting, but that buying is an investment. Between us we have a little more than $10,000 saved. I have read your column and it seems to me that you have said something to the affect that people shouldn’t buy houses right away. I was wondering if you could clarify this for me and direct me on how I could find more information about buying a condo? –Reader in Pennsylvania

DEAR READER: The idea of “throwing money away on renting” is one that is somewhat out of date. In today’s world, real estate overall is appreciating. However, in many areas real estate has depreciated rather considerably.

Putting that aside, one ordinarily can rent a similar housing unit, be it a condo or a freestanding home, for less money than one can own it. Most of these facilities simply do not command a rent commensurate with the investment. What is the hurry in buying a home? You are about to get married, why do you need all of this extra responsibility? Home purchases should be an investment primarily in lifestyle and just now it would seem to me that a couple recently married, could enjoy a perfectly fine lifestyle in a rented unit.

DEAR BRUCE: My wife has several old stock papers that she inherited from her late father. They are really old. How can she find out if they have any value? — R.G., via e-mail

DEAR R.G.: Old stock certificates may still be valuable even if they no longer trade under the name printed on the certificate. The U.S. Securities and Exchange Commission Web site (http://www.sec.gov/answers/oldcer.htm) offers help to get you started in your quest.