In addition to the emotional aspects of divorce, very often divorce negatively impacts one’s credit, which can make life even more stressful and challenging. Here are a few tips to build your credit worthiness after a divorce:
- Pay your bills on time
- Communicate with credit companies – explain that there has been a divorce
- Close joint accounts – note this will bring your credit score down initially, but is critically important to establish your own credit separate from your former spouse.
- Apply for only one new card in your name in order to start building up credit gradually
- If you are unable to get approved for a credit card, apply for a secured credit card where you put a cash deposit down. (Make sure that the bank you use actually reports to all 3 credit bureaus.)
- Learn how to handle money