How Divorce Can Affect Your Credit Score
Divorce can affect your credit score as well as every part of your life and the lives of your family. Finances are no exception. When you decide to get divorced, it’s important to prepare for the effects it will have on your credit score. From dividing bills to refinancing the mortgage, your credit will be put to the test before, during, and after a divorce.
Your credit scores are important because you may need to qualify (or requalify) for debts such as auto loans, mortgages, or even your credit cards. If you’re moving out of your home and into an apartment, the landlord may check your credit as well. Knowing how to divorce can affect your credit score during can help you remain financially stable once you’re on your own.
In this excellent blog posting, Greg Mahnken of Credit Card Insider writes about how divorce can affect your credit score, including:
Amounts Owed (Credit Utilization)
Length of Credit History
New Credit Inquiries
Types of Credit
Tips to Protect Your Credit During a Divorce
Divorce can affect your credit score and be a major strain on your finances. Learning the ins and outs of your credit scores will better prepare you to safeguard your credit through the divorce process, positioning you for stability moving forward.