Tips for Rebuilding Your Credit After Divorce?

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4 posts
jdb33
 
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Joined: Thu Oct 10, 2013 3:17 pm
Location: AZ

Tips for Rebuilding Your Credit After Divorce?

Postby jdb33 » Thu Oct 10, 2013 3:34 pm

Hello, looking for any tips and suggestions to help myself out.

Recently divorced, just finished dealing with the 3 credit bureau's to remove my ex spouses 2 credit cards from my reports (successfully, but won't update until next reporting cycle completes). 7k total limit between the 2 and about 6k of it used. Payment history was perfect. By removing these from my report, will that hurt or help me more?

I was thinking help, as I was thinking it lowers my over all debt, debt/income. I was only an authorized user, not joint account holder and was removed from the account by the primary holder just over a year ago, yet they still reported on my credit.

And second, a short sale of the family home should finish within the next month as well. This mortgage was the only negative on my credit. I would imagine wrapping this up should help. Divorce process took a year, no payments were made during this time either. Although with the collapse of the economy, the first lates began late 2009/early 2010. If the negative from the house falls off in 7 years, will that be based off the upcoming short sale, or the original late's (which potentially cuts the time from 7 years to 3.5)?

Thanks in advance for any feedback!


thom02099
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Posts: 467
Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Postby thom02099 » Sun Oct 13, 2013 10:16 pm

I can't give you specific advice about your unique situation. I can only tell you that TIME is your ally. I went through a very nasty, contentious divorce over 10 years ago, it's taken me all this time to gain back what I lost with the negatives that showed up on my reports. Only within the past few years have I gotten everything removed from my reports, either through age or challenges. Yes, you can dispute items on your credit report; if you do, keep meticulous notes and document everything.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

PallasAthena
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Posts: 43
Joined: Sun Oct 14, 2012 6:58 pm
Location: USA

Postby PallasAthena » Sun Oct 13, 2013 11:25 pm

Me too. I went through a nasty divorce that finalized in 2007. I filed for BK around the same time and lost my home, etc. My ex husband took me to the cleaners and even stole my identity and disappeared. (The judge or anyone didn't do anything about that.)
In any case. I was left to start cleaning up the credit mess.
What I first did was get a capital one CC and a secured Wells Fargo card. Eventually the secured card turned into an unsecured.
All of my negatives except for the BK dropped off of my credit report as of last month.
Check your credit reports and like the above poster said, check for errors. (I found more instances of identity theft by him that way.)

I know it's painful but all I can see is start over fresh... clean start, enjoy life, and the 2nd time is a charm, if you know what I mean :-)
Oct '16
TU: 783, Equifax: 772
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
0 CC debt (Disc, Citi, and WF Amex)
furniture debt: $1800
Closed unused CCs, was dinged a few pts, but recovered
I filed for BK in '06 and was in debt over $500K. Never again! You can do it too! :lift:

zrussell
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Joined: Wed Jul 25, 2012 4:06 pm
Location: PA

Postby zrussell » Mon Oct 14, 2013 5:43 am

Hello hdb33,

I would assume that this would not be beneficial to your credit score. Even though your debt-to-available-credit ratio will go down (right?) your total credit limit will decrease as well. What do you have as far as other cards, is it possible to ask for a CLI on these cards that can hopefully offset it?

As far as the mortgage late payments, as far as my understanding goes, it stays on your report from 7 years from the date it was reported, you selling the house shouldn't affect that.

Hope this helps!



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