I think that it's best to be prepared ahead of time if a divorce is inevitable and I would like to go about establishing my own credit before the divorce begins. Can I do this and how?
2007-01-22 04:53:24 · 8 answers · asked by sweetbabykitty 3 in Business & Finance ➔ Credit
I am not certain that you need to do this. Your credit will be established by any account that you have open, whether it is singly in your name or held jointly with our spouse. Any sort of credit that your name is on will go towards this.
Now, there are some drawbacks that I see if you feel that divorce is inevitable and you are currently on several joint accounts. First, if your spouse decides not to pay the bills, it will reflect poorly on your credit. Your first step may be to get your name off as many accounts as possible. Then, open new accounts of your own. This may initially have adverse effects on your credit score, as it won't have as much history and your credit limits, one of the determinants of credit scores, will likely be lower. However, it will get you moving in the right direction.
Sorry for your current predicament. Best of luck to you in the future.
2007-01-22 05:01:14 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
Get at lease one credit card in your name. Get a bank account, savings & checking, in your name only. Eliminate car payments and seperate the insurance on your car from your husband. Make sure the title is in your name not both of you. Make sure you understand what your share of the family expense (obligations) is.
In the event of a divorce, many women find that the house with $1,200 a month mortgage is too much even with a $36,000 a year job. With $300 a month child surport payment, the expenses leave almost nothing to live on.
Before the divorce, locate a property to move to that you can buy with your share of the profit from the sale of the family house. (please note that all property will split 50/50 in most cases) As long as you are functioning you will be able to succeed. Too often we keep things that weigh us down at a time that we need to be free.
2007-01-22 05:17:59 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
Every person has their own credit. So you should have your own score already. Go look at all the credit ads you see everywhere they tell you all the stuff you need to know. Start by getting a credit card and pay on it every month and make sure all you're debts are getting paid or are paid off. Look at your credit report and make sure everything on there is from you and not someone else there is wrong stuff on almost everybodies report.
2007-01-22 04:57:59 · answer #3 · answered by Fletcher 4 · 0⤊ 0⤋
open and account in your name only and some credit cards have a Mrs. only account. but if a divorce is in the future , he will not be responsible for any of those debts you in cure. call the credit card company you want
2007-01-22 05:02:03 · answer #4 · answered by Abby 6 · 0⤊ 0⤋
Apply for a credit card in your own name and social security number. Use it and pay it down to develop a financial history. That will start you off on your own. Good luck.
-MM
2007-01-22 05:31:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Get a credit card or loan in your name only.
2007-01-22 04:57:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Nope! Nuh-uh! Not touching this one!
You need to concentrate on getting all debts OUT of your name first.
2007-01-22 06:43:17 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes, you can do this. You'll need your own source of income (job) though. When the application asks for "additional sources of income", don't list any. & don't list your husband on the application.
2007-01-22 04:57:43 · answer #8 · answered by Renee C 4 · 0⤊ 0⤋