It’s unfortunate, but many women face debt and credit problems soon after a divorce. A struggle to pay bills, raise a family, or reestablish yourself are signs that it’s time to give considerable attention to your own credit standing. Rebuilding your life and credit score go hand-in-hand.
Without good credit, it’s nearly impossible to purchase a car or house. It may even be difficult to rent a home or apartment. And in today’s world, your credit score may mean the difference in landing a new job or ending up in the unemployment line longer than you expected.
The truth is your ease of life can rise or fall within the boundaries of your credit score. If you haven’t already starting rebuilding your credit, the following tips can help place you back on the path to recovery.
- Get a Feel for Your Credit Standing – A copy of your credit report is the best way to begin. www.annualcreditreport.com is a safe and easy way to obtain your credit report from the three main credit bureaus. Make sure you thoroughly check the information contained within the report. If any errors are found, report them to the credit bureau. Once corrections have been made, the credit bureau will notify you and send an updated copy of your credit report.
- Reestablish Your Credit – If your divorce left you wading in the water because everything was in your husband’s name, you’re long overdue to establish new credit. Your bank may offer a card with an acceptable rate, or, you can apply for credit at a local department store.
- Avoid Late Bill Payments – Even if money is tight, the most important thing you can do is avoid late bill payments. If you’re in a situation where you have to prioritize bills, your rent or mortgage is most critical. A roof over your head takes priority over everything else. Then consider car loans, credit cards or any unsecured debts.
- Exercise some restraint and a little common sense – The post-divorce period may not be the best time to buy a new vehicle or invest in a complete new wardrobe. Learn to cut corners and spend money where it will do the most good—paying down your debts.
Remember, a divorce doesn’t have to signal the end of the world. Keep your wits about you and have faith that your challenges are only temporary. Life can and will get better.