How To Protect Your Credit After Filing For Divorce

If you have just filed for divorce and you’re looking for ways to effectively manage your finances, on your own then, we suggest you keep the following tips in mind:


  • Lexington
    Request for the latest copies of your annual credit report
    with the three major credit bureaus – Equifax, Experian and TransUnion. If this is your first time to order such files then, you can receive them free of charge. However, if you have previously requested for these documents in the first quarter of 2013 then, you will have to pay a minimal charge for the credit files you wish to receive. But why is ordering your latest credit report important?

Well, it will help you determine where you stand in terms of your credit accounts. Your reports will help you realize how much you owe your creditors and which lines of credit need to be settled, immediately. That way, you can develop a suitable strategy for paying off your dues, without compromising your other financial obligations, such as your alimony payments, child support, legal fees, and other related charges.

  • Talk to your ex-spouse regarding the debts you both incurred when you were still married. You can do this with the help of a mediator, who will help ensure the quick and smooth delegation of all your existing financial obligations.

After doing this, you can contact your card issuers and lenders to inform them who should be held liable for the credit balance in your joint accounts. Moreover, you can tell the employees of the firm to immediately submit reports and updates of your credit transactions to the three credit trackers. That way, you can eventually receive a document, which will reflect ONLY the debts you will have to pay off.

  • Come up with a suitable repayment plan that will help you settle your existing financial obligations and which will suit your budget. This is very important for you to prevent your credit score from sliding down, and from ruining your financial prospects.

To succeed in this matter, we suggest you develop a strategy that will assist you in making the most out of your personal finances. For instance, if you’ve been held accountable for credit cards which carry steep rates of interest then, it would be best to make your payments on them your top priority. By doing so, you can prevent your interest charges from ballooning out and getting way out of hand.

  • Seek professional advice if you feel overwhelmed by your debts. After all, there are plenty of credit counseling firms that can help you out in solving your credit woes. In fact, a certified finance expert can provide you with practical suggestions you can use, not only for paying off your credit accounts, but also for rebuilding your credit reputation. 
  • Employ responsible credit habits, all the time. To do this, you should resolve to submit on-time and complete payments to all your creditors until you can complete pay off your financial obligations. You should also stick to your credit limit as well as to the terms and conditions of your credit card. By doing so, you can prove to your future lenders and card issuers that you are a good credit risk. In time, you can convince them to grant your application for low-interest credit deals.


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Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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