Managing Credit After a Divorce
Once you’ve moved on from your ex and your divorce is final, you may be taking a second look at your finances, including your credit score. There are factors that can affect your score, but there are also ways you can ease your financial burdens.
When you get a divorce, you may become responsible for making certain payments by yourself that you likely had help with from your ex. Here’s what can happen to your credit after a divorce and a few tips to manage credit.
Will My Score Go Down?
Divorce itself can’t impact your credit score, but the financial decisions you make after your divorce can have an influence on your credit.
Do I Still Have to Pay Even After Divorcing?
If you’re still named on an account that you and your ex had together that you purchased using credit, you would have had to negotiate to split the payments during the divorce process.
You’re still on the hook for paying your portion of the bill if your debt was divided during the divorce. If your spouse doesn’t pay their part and it goes to collections, it could impact your credit.
Can My Ex Help Pay My Credit Debt?
It’s tough not having two incomes, and rebuilding your life after a divorce can get costly. Considering that you’re now on your own and making credit purchases as a single person, you would be responsible for paying down debt by yourself.
While times may be hard, you can still build your credit. Here’s what you can do.
Close Joint Accounts With Your Ex
Sometimes we hold onto things we no longer need. Pay off debts, remove your name from joint accounts, and close credit accounts you and your ex still share. If you can’t fully close the account, contact your credit company and ask them how to set up an individual account.
Maintain Your Payment History
Try to make payments on time and regularly. Pay the minimum balance if you can’t afford more. Late payments can set your credit score back while paying bills on time can help your score increase.
If you have questions about your divorce, our attorneys at Eiges & Orgel, PLLC are here to help you. Call us at (347) 848-1850 to schedule a consultation.