How to Repair Your Credit Following a Divorce
When you go through a divorce, emotional and lifestyle changes take place - to say the least. On top of these changes, there are many financial challenges to deal with during the fallout. To name a few, you may have to make alimony payments moving forward, take on new day-to-day expenses (as opposed to sharing costs with a spouse), or even establish an entirely new individual budget.
All of these factors directly impact your wallet. But what about your credit? Even during marriage, each spouse’s credit score is tracked individually. If no accounts were in your name, there’s a chance you have no established credit history. On the flipside, you could be stuck with a high debt-to-income ratio (DTI) if all the accounts were in your name.
In this excellent article, Andrew Rombach writes about how divorce can impact your credit, and how to make positive changes that directly impact or help repair your credit.