In my last blog, I revealed Rule #1 of divorce and credit scores: you must refinance your home if you are going through a divorce. In this blog, let’s talk about the rule surrounding joint accounts, such as credit cards.
Divorce and Credit Scores Rule #2: Separate any and all jointly held accounts, as well as accounts that list you or your ex-spouse as an authorized user. This includes credit cards and auto loans.
Even in the “best” divorces, couples often have a hard time separating finances and agreeing to the terms of the divorce. Divorce often means that a couple has less access to resources. One household becomes two households, and you might end up paying 100 percent of the overhead instead of 50 percent. Finances can become tight. Even if a person has plenty of resources, the pressures of divorce, custody, courts, and moving can wreak havoc, causing a person to make late payments simply because other items on the “to do list” are taking priority.
For this reason, cancel all jointly held accounts as soon as you begin the process of divorce. You might need to close the account entirely, or you might be able to transfer the card into one spouse’s name. Regardless, decide who will carry the debt, and transfer balances accordingly.
Likewise, remove your name from any accounts on which you are listed as an authorized user. And remove your ex’s name from any of your accounts. To protect your credit score, you should also refinance cars in one spouse’s name only.
If you have questions about the procedure for separating accounts, simply call your bank and explain your situation.
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A “credit card score” is a letter grade that reflects whether your credit card habits are helping you build credit or causing you to have bad credit: An “A” credit card score is excellent; an “F” indicates that you likely have bad credit. The lower your credit card score, the more likely you have bad credit and need to make immediate changes to your credit card behavior.
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in this times of economic recession, sometimes it is difficult to have a great credit score`-’
I found this very much an Eye opener, I used to have a joint Acct. but not anymore, he stopped that, so that is one problem I dont have ,credit scores its so difficult because no one lets you in on the ins and outs,I was told being on a pension forget getting approved for a credit card, I once had one held it in high esteem paid only the min. that was all I could do , until they let me charge over the limit and I has no idear, than they didn,t let me have enaugh time to get to the limot they wanted , result card got sold to a credit corp ,Iam still fighting for justice!managed to stop them for charging interrests because before the card debt was sold the bank stopped the interrests, now I have to go and prove Iam on a pension and ring interstate to get prove of that too, but the stopped and reversed the money I paid sofar , so i pay now only the money borrowed!, I wish somebody would give me a hand so I too can earn money on the net and through that get debt free,why they dont get a thing going with either paypal or clbk I dont know,since all the payments go through them anyway, so why dont they let someone struggling financ. in and when money gets in the person helping setting up for the one gets paid before the rest goes to the other one, i actully have suggestet before ,didn,t even get an email ! anyway I will read more of what you have here , its an education in itself and Iam glad someone bothers to do that thank you Miko