Does getting a divorce make your credit bad?
by Felixx on Tuesday, December 28th, 2010 | 4 Comments
I used to have a credit score of about 740 and I qualified for every loan, credit card, etc. Anything I wanted, I qualified for in spades. Then I got a divorce, and now it seems like I don't qualify for anything. Does getting a divorce make your credit bad? What happens if I remarry, will my credit get better?
Or am I just imagining things?
Yes and no. In Europe we keep our credit separate and our accounts. So nothing is affected. She has her cards or credit and I would have mine. If all you accounts and credit cards are in both your names, home loan, car, late utlity payments, did he have any debt he did not tell you about (then it becomes your debt too) etc. then yes. If his credit sucks now so does yours.
YES...when you get a divorce, usually you and your partner had things together. Credit Cards, Bank accounts, what have you. Now all that has changed. For some reason even though divorce rates are so high. the credit companys don't like that.
Not directly.
Typically, problems arise when ex-spouses don't pay on a debt that is in both names.
no