Wondering how to repair bad credit yourself after a messy divorce? There’s no denying that doing through a divorce is a painful experience. That being said, it marks a new chapter in your life. It also gives you a fresh start on fixing or rebuilding your credit history. Needless to say, this journey won’t be easy. It might feel challenging at times, but it is possible to improve your credit score with some result-oriented credit repair strategies.
Here are the best credit repair tips that you can follow for new financial beginnings:
Check your credit report and credit score to figure out where you stand. Order your credit reports from each of the three credit bureaus – Experian, Equifax and TransUnion.
Aside from your credit score, your credit report contains vital information about your recent and past financial history. Go through your credit reports to determine all the accounts held in your name or with your ex spouse. Report any errors, if found.
Joint bank account
If you and your ex have a joint account, make sure to close it. This is because your credit score will be affected by how your ex uses the account. To start off, make a list of all the accounts you hold with your former partner. Gather the names of banks, account numbers and dollar amounts for account closure. After that, you can request the concerned bank to close the account.
Same is the case with credit cards. Call all credit card companies where you and your ex have joint accounts. Inform them about your divorce and ask them to issue a new credit card in your name alone. If that doesn’t work, apply for a credit card at a new company. Make sure you don’t apply for too many credit cards at the same time as this might decline your credit score.
Pay all your bills on time. Assess your financial situation to formulate a doable budget. Stick to it for some months until you can sort out your bill payments. Make use of every opportunity to pay your credit card and loans, including mortgage and car on time.
Apply for new credit accounts. But before you do that, legally change your last name. As a result, all your new accounts will be issued in your new name. In addition, ask your existing creditors to change the name on your accounts.
Keep in mind, if you and your ex had a joint account, it might be difficult to obtain new credit. The best solution if to apply for credit cards for those with bad credit. Nonetheless, try to handle your finances wisely to boost your credit score in the long run.
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