Introduction
Divorce affects many things such in your personal and professional life. A divorce may also affect your credit leaving you to wonder how you may ever establish credit again. There is hope however and you can indeed establish credit again in your own name whether youre left with a bad credit score or you may have no credit whatsoever here are a few steps that you can take to reestablish your credit and get yourself creditworthy to get approved.
Step 1
Make sure that any credit cards or loans that you have in your and your ex-husband or ex-wife's name has now been canceled that. These cards should always be canceled to avoid you taking any possible losses on your credit score.
Step 2
Make sure to check your divorce credit report and score for any errors. If you see any errors you should always dispute these with each person credit bureau. To do this you can either fill out a form online at each credit bureau for Experian, Equifax, and TransUnion or you can mail in a letter stating that this is not a debt that you are responsible for paying back. By doing this you are relinquishing any fault of your own of this appearing on your credit.
Step 3
Be sure to pay all installment payments and credit card payments on time. You want your divorce credit perfect. If you mail these payments off be sure to mail at least 10 days in advance so the credit card payment Will get to the creditor early so this will not show up as late on your current credit report. Also make sure to carry low balance on any installments loans and credit card or other loans that you currently have. Before trying to get a new loan always try to pay down any amounts that you can on any current cards that you may owe. You should always try to carry only a ten percent balance or less with a debt to income ratio on all credit cards that you are currently holding.
Step 4
If you have limited divorce credit get a prepaid credit card that will report to the credit companies. How these work is you load money on to the card and use where that type card is accepted.
Step 5
Open a small installment line to get credit established and pay back in monthly payments early and on time. By doing this it will show creditors that you are responsible. If needed get a co signer so you can do this and sign a contract with them that you will be paying the money back. This will assure them that they are not chancing their credit to help put your credit. Just because you got a divorce credit doesn't have to suffer. Just be sure to keep a close eye and dispute anything you do not agree with. Open new credit to help yourself get credit if possible.
Tips
Check your divorce credit monthly to make sure your former spouse isn't using your personal information. If you suspect they may be always consult with an attorney.
Sources and Citations
Divorce.com
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