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How To Protect Your Credit Before and After The Divorce?
A looming divorce can be stressful on anyone and in the heat of the moment people who once shared love and respect can do terrible hurtful things to each other. If care is not taken during this stressful time, divorcees can find themselves in hot water later on down the track, worse still it is possible that serious damage can be done to an individual's credit rating. It is in your best interest to make sure that your credit and good name are protected before, during and after divorce.
By taking a few precautionary steps, and having a solid understanding of the way your accounts work, before the divorce begins will mean that a recent divorcee wont have quite so many pieces to pick up after the divorce is over.Plan ahead and nip any chance of damage to your credit in the bud, before it gets serious.
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The Importance of Secured Credit Cards
Typically, secured credit cards are issued when the holder is able to offer a type of "security" deposit to the lender by depositing a pre-arranged amount of money into a savings account, money market or certificate of deposit. This is how it works: Usually, for a small fee, the lender will allow the card holder to utilize the credit card within the specified parameters. Unlike using the cash for any purchases, the secured credit card creates a credit history for the holder, thus contributing to their overall credit rating.
With a secured credit card, it is imperative that you make full payments each and every month; otherwise interest is charged on the outstanding balance. If you default, the lender will use the amount in the security account to pay off the debt and this can result in more damage to your credit rating.
Continue reading Do Your Research On Secured Credit Cards Before You Apply
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let me hear from you
Esther wrote
The terms on my divorce settlement stated that each partner is responsible for any credit under his or her name. We had two vehicles, under our settlement each one of us was to take full responsiblility for the vehicle we kept. I took care of all my financial responsibilities, I paid everything on time and I supported my two boys with no help from him. I did all of this while working a part time job. He decided not to make the payments on his vehicle (I'm the co-buyer) the vehicle was reposessed and now my credit is ruined. What can I do?
Posted February 26, 2009
dnlletaylor wrote...
Nice one! 5 stars Can you check out my lenses about divorce and rate them if you think they are worthwhile?
Posted September 22, 2008
Home-healthcare wrote...
This is one of the great fears that keeps many women stuck in abusive relationships, too. Great resource, and great reinforcement that there ARE things you can do, and resources to help. Thank you for helping both men and women facing this very unhappy life event.
Posted January 17, 2008
Keytohealth wrote...
Vishenda, Excellent info. Many people will not have to pick up as many broken peaces because of your info. You are just a Super sweet Girl.
Robert
Posted January 03, 2008
tdove wrote...
This lens sounds very useful for people who don't want to mess up their credit after a divorce.
Posted December 04, 2007
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Frequently Asked Questions About Bad Credit Credit Cards
If you have bad credit, does that mean you can never apply for a credit card?
No. Even with bad credit, you can still apply and be approved for a credit card. Although standard credit cards generally require excellent credit or high credit scores from their applicants, there are credit card companies that have special programs designed especially for people with bad credit. Bad credit credit cards were created to cater those who will not qualify for a standard credit card due to a low credit score.
What are bad credit credit cards?
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