subject: Bad Credit Divorce - How To Repair Your Credit Rating After Divorce [print this page] A divorce is not a pleasant proposition under any circumstances. Apart from the emotional turmoil the couple undergoes, there is also the question of credit report and credit history because while in a marital relationship, the two people become used to sharing loan payment and credit amount. There are joint loan accounts that need to be cleared, mortgage or otherwise. Couples also share a single credit card account and if the male spouse has been clearing the accounts on the credit card, then it become particularly difficult for the female spouse. Therefore, in a way, everything after a divorce calls for a fresh start, including your credit standing in the market.
The best thing to do in such circumstances is to seek loan counseling and let the court decide upon the payment rights and responsibilities of the either of the spouse. The court may order joint or collective payment on certain loan accounts, ensuring that the burden of repayment does not fall only on a single person. Similarly, the couple may file for separation or closing of joint accounts and revocation of authority on each others account, if any such authorization existed.
If the divorced couple has not taken care of these issues, then here are a few tips and techniques through which they can appreciate their credit score. For any charge off in your credit report for which you are not directly responsible, file a dispute or consumer complaint against the credit bureau, providing sufficient proofs that payment on the loan account is not your sole responsibility.
Alternatively, it is about your credit rating; therefore, do not depend entirely upon your former better half to clear the payments on your loan account, joint or otherwise. Pay it on time and if you cannot do so alone, the best thing to do is to close the account. It will prevent further depreciation in the credit score because of delayed payments etc.
Build your credibility slowly and steadily. Apply for secured credit cards initially and by being regular on your payments, gain sufficient trust of the credit ratings so that they grant you higher scores and you become eligible for a non-secured credit card.
