The Credit Professional Winter 2018 Dec_2018_magazine | Page 20

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of a spouse. That means you
can continue to use the account
if you choose.
When notified of a cardholder’s
death for a joint account, some
card issuers will let you change
the joint account to an
individual account. Others may
ask you to apply for a new card
and then decide whether to
offer credit to you and on what
terms. As a result, some widows
and widowers who lack a credit
rating end up with significantly
lower credit limits, higher

interest rates or even are

refused credit.
possible to change careers,
return to college or pursue
other opportunities that will
give you a better financial
future. Thoughtfully consider
your options. Remain mindful
of long-term goals, such as
saving for your children’s
college education and preparing
for your own retirement.
Your will
Beneficiaries listed on
insurance policies, IRAs
and other assets.
Your living will, power of
attorney and health-care
power of attorney. All three
documents specify who has
authority to act on your
behalf in specific situations
if you are incapacitated.
Even if you keep joint accounts
open, begin building credit in
your own name. If your income
and lack of credit history make
it difficult to get a credit card,
check with a loan officer at your
credit union to see if it offers a
“secured credit card” that ties
the credit limit to assets held at
the credit union, such as a
savings account. 
Make payments promptly on
credit cards and other loans to
build and maintain a good
credit rating. After handling a
secured credit card responsibly
for a year or so, you typically
will be eligible for other types
of credit cards and loans at
competitive interest rates. Emotional loss sometimes
causes people to drift. You need
to grieve, but you also need to
deal with your everyday life and
plan for the future.
Are you taking charge of
your life, day to day and
long term?
On a day-to-day basis, it’s
important to maintain a
routine. Stay in touch with
your family. Connect with
Have you updated your will
social and spiritual groups to
and your own paperwork?
develop a network that will
sustain your mental and
Many legal documents created physical health. Make plans to
while your spouse was alive will meet with friends, volunteer,
be outdated now. Go through
exercise, and participate in
all your legal documents to
activities you enjoy.
make sure your wishes will be
followed in the event of your
Over time, you may learn that
own death. Documents to
your spouse’s benefits make it
consider include:
The Credit Professional
19
Grieving has its own schedule.
While the immediate pain of
loss is likely to gradually ease
with time, you may find that
your grief ebbs and flows along
with life events.
Give yourself time to experience
your loss. While moving forward
is essential, it’s also important
to set aside time to grieve, rest,
ponder, remember, and plan for
the future. If you feel like you
just aren’t managing well and
need outside help, talk to a
clergy member or a physician.
Your employee assistance
program (EAP) also may have
information about how to
contact someone who can help.
By taking care of yourself
emotionally, physically, and
financial after the loss of your
spouse, you’ll set the stage for
an independent and fulfilling
future—even as you honor your
shared past.
(turn the page to learn how
one woman made a new life
following the death of
her husband)
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December 2018