Divorce and Your Credit Score

As you probably already know, there are financial agencies who have developed a “credit score” (or credit rating) based on your financial history. Many people who are going through a divorce experience financial stress, which could have a negative effect on your credit score.

A good credit score can help keep your interest rates down and will also help you in obtaining new credit.  Insurance companies and some employers will also check your credit rating. Therefore, while going through a divorce it is important to keep paying your bills and to maintain your credit score rating.

It is important to note that if you have a credit card that is used by both you and your spouse, the credit card company wants the credit card balance to be paid, they “don’t care” that you are getting divorced. This is why it is important to: (i) suspend the use of the card (put it on hold: (ii) cancel the card; (iii) remove your spouse as an authorized user; or (iv) have your spouse remove your name as an authorized user.

After the divorce, many women decide to change their name.  If you decide to change your name, then change it before you start applying for new credit cards, loans or any other type of credit. You also want to notify your existing creditors that you will be changing your name.

If you are considering a divorce, then you need to hire an experienced divorce attorney. David Badanes and the Badanes Law Office, P.C. have helped numerous individuals in all areas of matrimonial and family law.

If you need an attorney to represent you, then call David Badanes and the Badanes Law Office today at 631-239-1702 or email at david@dbnylaw.com. The Badanes Law Office has offices in Northport and in Nassau County. .

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