How to keep your EX from ruining your credit score.

How to keep your EX from ruining your credit score.

I like to say that credit is “Married until death does it part” meaning that the credit reports are not single or married. There are no married credit reports. There are only Individual or joint accounts. When people get a divorce they need to go through their credit report to make sure that all joint accounts are no longer the responsibility of both parties. They either remove one individual from each credit account or have one individual takes responsibility for that credit account or they close that account altogether. Consumers need to go through their entire credit report and evaluate every credit account for responsibility. They really need to get go through and get every credit account divvied up or closed. Every joint account ever opened during the relationship needs to be addressed.

I see this all the time one ex-spouse will start to fall behind on credit accounts. Then late payments start showing up on the joint accounts and kill the both individual’s credit score. That is because the joint on accounts were not resolved. The divorce decree has no barring on Joint credit accounts.

Don’t let that happen, many times one individual is out looking for a new home. When they try to apply for a mortgage they don’t qualify. They can’t get a mortgage because their credit is ruined. It is very important to separate all of the joint accounts.

From a mortgage perspective, the only way to remove a co-borrower from a mortgage is to refinance that mortgage. Newly single people should not wait to do that, it is best to do that before the divorce if possible. If payments are missed when the mortgage is in both names, it’s going to hurt both individuals. Get that mortgage refinanced as soon as possible after the divorce to protect both people in that old relationship. It’s a difficult time but don’t let it get worse by ruining their credit report as well.

Don’t forget the new book is out! You can get a copy of it on Amazon or my website. It would mean a lot to me if you left a five-star review on Amazon for me. That would really make a big difference to me so hopefully, that helps. You can still go get the six steps to a better credit score at www.getloanready.com

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How to handle collections on credit report
How to handle collections on credit report
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How to handle collections on credit report

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.

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Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you

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keep your EX from ruining your credit score.

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