Does getting a divorce give you bad credit?

Question

Im wondering cuz i ask my parents this sometimes and they said they don't know...

Answer 1

It depends on your financial situation going into the divorce, some people yes, and some no. If you and your spouse have a lot of debt, then probably unless you have a home to sell that would pay off your bills.. Good luck

Answer 2

It definitly can. All during our marriage my ex and I had our own credit cards, cars, etc and the only thing we had as a joint account was our home. We both paid our bills and our credit was fine however when we seperate and I left he decided to get revenge and went and opened up all kinds of acounts with my name on them as well as his (because we were legally married he was allowed to do this) and after he ran all of these vredit cardsd up to the maximum limit he decided not to pay on them. By the time I found out about all the accounts it was to late as the divorce was over with Mr. @**hole went out and filed a bankruptcy allowing him to wipe them clean and he pays nothing while I am stuck with the entire $30000 debt he ran up. So now my credit has all kinds of delinquent crap on it and I either hae to pay it and rebuild my credit or file bankruptcy as well and have my credit ruined more than it already is. What really sucked was I was dumb enough to feel sorry for him and gave him the house wish I would have known all of this sooner.

Answer 3

A divorce has nothing to do with your credit..But if you have credit cards in both names that's the killer if the debit is not payed..Be sure to cancel all credit cards and joint bank accounts..If you don't owe anything all is fine just be sure all open accounts are accounted for in the divorce settlement..

Good luck smile be happy have a wonderful evening!!

Answer 4

It's not the divorce that gives one bad credit. It's what one does or doesnt do, during the divorce process. If both partners have good credit, it should remain the same.........providing one doesnt do some spiteful thing to harm the other's credit.

Answer 5

Any bills you aquire DURING the marriage are shared by both people. If you get a ton of bills while married, then divorce, they're half yours and will affect your credit.

Answer 6

if the other partner does not pay anything on your joint account yes this will lower your score but if you have nothing joint then no need to worry and if you divorce tell your parner to retain what he or she can pay and give you what you can pay or sell them especially house b4 divorce,pay off credit cards etc. if u have a joint car trade out of it and get a car which you will afford monthly pmts.

Answer 7

what country are you in.

i work in bank in england and here married couple get higher credit score than divorcee, you do not lose points but you get less. not much less but if you are marginal it can tip the score.

married couples are seen as more stable and more committed to employment than single or divorced and therefore more likely to repay. i would guess it is same in US as we copy our scoring from you

Answer 8

sure and no. In Europe we save our credit separate and our debts. So not something is affected. She has her enjoying cards or credit and that i might have mine. If all you debts and credit enjoying cards are in the two your names, residing house loan, automobile, late utlity money, did he have any debt he did not permit you comprehend approximately (then it turns into your debt too) etc. then sure. If his credit sucks now so does yours.

Answer 9

if you have bills together and the other person doesn't pay them even if your divorced they can still come after you to pay them and that will hurt your credit

Answer 10

Well it could, if your spouse decides to overmax on credit cards, banking accounts or if they decide to finance something that's way too expensive while you're still married. I would suggest closing any joint accounts, switching your banks and direct deposit (if applicable) and cancelling power attorney (if they have one.)