You may not want your marriage to end, but there are things in life that you must detach from, in order to move on with your life. You may have finally put an end to your marriage, but putting an end to the debts that you have, can be harder to eliminate. Paying for debts is a lot less effortless, than when you are with your better half. Things are a bit heavy and difficult as a single person, again. Another thing that makes one’s financial burden heavier, is that you are still bound to each other, when it comes to paying all your debts; this means that you are not only tasked with finding a solution for your heart, but for your credit, as well. Circumstances such as this is what lead many to opt for credit repair after divorce.
Repairing credit and your heart
Credit repair after divorce is another process that reminds you that your marriage is over, but not your debts. If creditors will have to collect the debts, they will still hold both of you accountable for paying them; creditors are allowed to do this, in most legal realms, and are afforded the right to take legal actions, if the separated couple fails to pay their debts. As you are no longer together, there is a tendency for late payments. So, if former spouses are still in communications with each other, they may discuss late payments, and other issues, when devising their debt payment strategy for negative credit report items, like transworld systems complaints.
You know how creditors are strict, regarding debt payments – so, you should expect that it is either you who will be called (and be reminded about the late payments); or you will see negative items on your credit reports. The second outcome is much more of a headache, as it is uncommon to recover from both divorce & then meeting the demands debt issues. Another thing to consider is, what if the other party has made just a few payments, then (unbeknownst to your) declare bankruptcy? You already know that it means that the creditors will seek payment from the other party – and that other party is YOU! With this mind, you may really need credit repair (to avoid these circumstances) after divorce; credit blemishes, like westlake financial services complaints, can remain on your credit report for a long time, if they are not taken care of, quickly.
Why should I maintain a good credit history?
No doubt, you are well aware of the importance of having good credit. So, you may have already thought of the standard answer, in addressing this question. If you have built a nice credit score, then you are already taking a good step to rebuild your life from divorce. Things will be a lot easier, like the prospect of financing a new house or car. Aside from that, it gives you a greater advantage in applying for loans; credit scores are what’s being highly used, and can give you a favorable edge in your job application, insurance quotes – and even the processing for your rental applications.
To sum it up for credit repair after divorce, a good credit score makes things easier in your life. So, other than ignoring the outstanding debt that you have together with your previous husband or wife, you need to have it settled before it dramatically reduces your financial options.
How can you repair your credit?
Did you know that divorce was included on the top five lists of credit killers? This means you are not alone in this problem. In any problem, there is a solution, so breeze through the following tips that will help you repair your credit and your heart:
- Earn for a living and budgeting – you can only repair credit (after divorce) if you will be able to have a job with a stable income. If you are living with your children, then you should have more income to tend to their needs. It doesn’t matter on how much you are receiving from your job, as long you know the effective ways for budgeting. If your income is not able to provide for your needs and your bills, then try to consider options like having another job. It will also help to read up on personal finance or debt management.
- Check both credit score and report – this will help you to see your credit standing and by then improve it. You can do it by learning things about this two concept and the things that affect it. This is already the best thing to do for credit repair after divorce.
- Continue to make payments on joint debts – this is (still) both of your responsibility. If your ex-spouse’s name appeared on the debt, then it is the ex spouse’s full responsibility. If it is your name, then you will pay it.
- Solve any bill issues that you cannot pay – if you are having a hard time in credit repair after divorce, then it is high time for you to call for expert help, like consumer credit counseling to remove something like green tree servicing reviews off your credit report, ensuring that you will meet the goal of improving your credit.
Aside from all of these tips, you might want to go back to using your maiden name, if you are going to have a new credit card. If you are able to reclaim it, you also have greater opportunities; this option may help give you a dramatic credit makeover, after a divorce.