Stellar Snippets
Divorce can have a significant impact on your credit score, so it's important to take steps to protect it.
Firstly, order a credit report from credit reporting agencies to identify any joint or individual credit accounts and debts.
Close joint accounts to prevent one spouse from adding debt or missing payments that could impact both credit scores.
It is also important to open your own checking account and get a credit card in your own name.
If you have joint debt, such as a mortgage or car loan, refinance or sell the asset to remove one name from the account.
You should also change your passwords and PINs to prevent your ex-spouse from accessing your accounts.
A divorce alone won't impact your credit score, but actions you take during the divorce process can have an impact.
For example, if you fall behind on debt payments or miss payments, it can negatively impact your credit score.
If you're going through a divorce, get guidance from an experienced attorney before making changes to your finances.