Moving through a divorce, most Florida spouses will spend a significant portion of time and effort on the financial aspects of the end of their union. Some will feel confident that the results of their property division agreement will lead to financial stability for the years to come. Few, however, will give proper consideration to the importance of having solid credit during and after a divorce.
Having a good credit score is important in a number of ways. Want to sign a lease on a new apartment or house once you are single? Your new landlord will likely want to check your credit. Plan to get a new job that has better hours and benefits? Many employers run a credit check as part of the screening process.
Having good credit will make many of one’s post-divorce tasks easier to manage. Divorcing spouses should begin by pulling their credit report from all three credit bureaus. Any errors should be challenged, and it is important to being that process early, as it can take time to reach resolution on those challenges. Once one’s report is accurate, any damage done by the prior errors will begin to fade.
It is also important for spouses to establish new lines of credit in their own name. This will do wonders to increase one’s credit score, as long as those new accounts are properly managed. It is essential to select credit cards that have favorable interest rates and terms, and to pay off all balances in a timely manner. Spending should also be kept well below half of the available credit limit.
With the right degree of motivation and effort, Florida spouses can ensure that their credit scores are in the highest possible range. This will make many aspects of post-divorce life easier to navigate. From finding a new home to setting up house and looking for a new job, having good credit is essential to success.
Source: moneytalksnews.com, “10 Financial Moves That Keep You Sane During a Divorce“, Marilyn Lewis, July 23, 2015