Tag Archives: credit history

Illinois divorce attorneyDuring a divorce, you will likely experience feelings of sadness, loss, and failure. In addition, you may be left with financial struggles because of legal fees, child support, alimony, and asset division. Since a divorce can negatively impact your credit score, it is important to understand how so that you can minimize the damage. Here are several ways divorce can affect your credit.

Your Ex-Spouse Has Access to Your Accounts

If your divorce ended on bad terms and your ex is angry, they may rack up debt on any joint credit cards and drain your bank accounts, leaving you out of money and responsible for any incurred debt. To prevent this issue, you should change all of your banking passwords and remove your ex from all of your financial accounts.

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Illinois family law attorney, Illinois divorce attorneyNot only is divorce an emotional experience, but it is also one that perhaps can cause havoc with your FICO credit score. Once the divorce dust has settled, many women are often faced with financial difficulties resulting in a decline of their personal credit score. Others may be left wondering how they can establish their own personal credit history.

Consider this hypothetical situation, “My ex-husband had gotten us into a lot of debt, mainly through his business transactions of which I was not a part of. How do I fix this?"

The answers may seem allusive and even overwhelming, but taken one step at a time, the resolution of credit report problems can be rectified. Although it will not occur overnight, facing derogatory credit head on can mean a better credit report is within reach.

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