If I were to divorce my husband, would his credit also be my credit? Or is it seperate?

Question

What I want to know is when I divorce my husband will I continue to have no credit? Or will I have his credit on my credit report?

Answer 1

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Five Things Every Woman Should Know
BEFORE Signing Any Credit Application!

-by Terry Price

(C) Copyright Terry Price
All Rights Reserved

http://gaby1221.niesong.hop.clickbank.net
=======================================

Have you ever wondered if banks
have a tendency to approve credit cards
and loans for one sex more than the
other? If you are married (or plan to
be) I will share with you five vital
keys every married person should know
before signing any credit application.

VITAL KEY #1: According to the Federal
Equal Credit Opportunity Act (FECOA)
creditors cannot deny consumers access
to credit because of their sex.
However, on average (in surveys) it's
reported that women earn less money
than men. Regardless of what the FECOA
states, the relationship of credit to
income is very strong.

In our society if you make less
money you will get less credit, period.
The sad fact is that women on there own
have less access to credit. It's for
this reason (I believe) it is
imperative that women learn and acquire
more knowledge about credit than men.
Knowledge is power; and in the world of
credit that knowledge will often times
prove to be priceless, especially for
women.

VITAL KEY #2: If you are a married
woman with JOINT credit (meaning all
your credit accounts are jointly held
with your husband) you have NO CREDIT
yourself. Many women in America find
this out the hard way every year when
they get divorced and lose all their
credit privileges since all their
accounts were jointly held with their
spouse. If you are a woman in this
position you can greatly benefit by
beginning to build your own credit in
your own name starting today! The
benefits are two fold.
1.) If your spouse has financial
difficulties (for any reason) and is
forced to file bankruptcy or their
credit becomes derogatory, you and your
spouse will have your credit in reserve
to survive on.

2.) If you ever get divorced down the
road (over 50% do and 76% in the state
of California) you will NOT end up in
financial hardship due to no credit
and/or derogatory credit. Instead, you
will have your credit to transition to
and (believe me) this can be the
difference between sailing off in the
sunset or drowning in a storm.

VITAL KEY #3: If you are currently
married (with some credit or no credit)
to a spouse who has excellent credit,
you can leverage their credit to build
credit in your own name much faster
than if you had to build it by
yourself. Later, once you have
established enough accounts on your
own, you may choose to cancel accounts
that were held jointly with your spouse.

VITAL KEY #4: If you are a single
woman with excellent credit and are
getting married you may want to think
twice about adding your new lover to
all your credit accounts. If he messes
up or you end up in divorce down the
road your credit will end up taking the
beating (regardless of how many years
you diligently spent building it up).
For this reason, I strongly suggest
married couples keep their credit
separate. Why?

In most cases spouses have far more
to lose than to gain. Naturally, some
credit will have to be joint no matter
what you do. If you purchase a home
(which may require both incomes to
qualify) this will appear as a joint
account on the credit report. However,
the potential abuse with a home
mortgage is almost non existent as
opposed to Credit Cards.

VITAL KEY #5: Spouses have more to
gain by each building strong individual
credit reports rather than joining all
accounts and building one joint report.
For obvious reasons, banks and credit
card companies love the "credit
ignorance" of spouses who join all
their credit accounts upon marriage.

Here's why: If you take 500,000
couples with credit before they got
married, those 500,000 couples actually
represent one million credit accounts
and liabilities for the banks and
lenders. When those couples got
married, those one million credit
liabilities were instantly were cut in
half from one million to only 500,000.
For banks this is a very advantageous
situation. For the couples getting
married (if they have financial
trouble) the deal is a little raw. If
they have trouble, although they are
two people, they are represented by
only one credit report. The bank now
has the right to go after two different
people for one account (regardless of
who was financially negligent).

For moment, let's play out the same
scenario with a couple which is
financially savvy (note: they're both
on the same "team" but financially
savvy). In this scenario, the couple
gets married, but instead of joining
account each builds their individual
credit reports. Now this couple (team)
has not one credit report representing
them but two. Metaphorically, if the
perfect storm (financially) is to rise,
this is the difference between the
couple being in the ocean with two
ships instead of one. If the one ship
starts to sink, the couple can always
"jump ship" to the second.

While some may criticize this
thinking it is no different than buying
any kind of insurance. You buy
insurance not because you plan on a
problem. You buy insurance because you
are thinking ahead. This type of
thinking is no different. However, if
you want to be ahead of the pack that
you need to think ahead of the pack.

I cannot tell you how many times I
have talked to loving married couples
in financial trouble who only WISHED
they would have known about these five
vital keys before they got into
financial trouble. Take them, study
them, apply them to your life. As I
heard one woman put it "In business and
in life I've learned to expect the best
but plan for the worst". I thought her
words were brilliant. However, I have
found that when I expect the best...
many times I tend to get it! Take
these five vital keys. Study them.
Apply them. Then pass them on to
someone else who can benefit from them.



(END)

In a few days we'll talk about:


"Facts You Should Know BEFORE
Using A Credit Repair Company"


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Terry Price is the founder of Consumer
Education Group which publishes the
Credit Secrets Bible (in print since
1994).

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net
=======================================
Good information can help you ! Good Luck !!!

Answer 2

If the credit card or bank account was in both of your names, then it is likely that the credit history would be associated with both of your names.

If you divorce and the card and account are still "jointly" owned, then you are both responsible for all debt or earned funds up until any changes are made to isolate the accounts, which should and would likely occur before the divorce becomes final.

There are several places that offer to provide you with a report showing your current credit history and rating. You may want to review that before making your decisions. Also, I think your bank can provide you with more info on these issues.

And like another person suggested, I would really recommend speaking with a divorce lawyer discreetly rather than trying to get a foolproof answer on Yahoo!

Answer 3

It all depends upon whether this credit was taken out under both your social security numbers. If your husband has individual credit cards, for example, then the balances on those cards are his responsbility and will not affect your credit.
To get a negative credit mark against your report, the bank or utility company etc, would have to have collected your social security number. Without this number, they could not report you to the bureaus. So, to make this simply, it all comes down to what loans your social security number is on.

Answer 4

What ever credit you guys have together while you are married will be on both of your credit report after the divorce. After the divorce what ever he does will not show up on your credit report.

Answer 5

The bill was sent to you because the provider attempted to get payments from your plan that your husband's plan did not cover. That's the only reason the statement has your name on it. This does not automatically mean that YOU are responsible to pay the portion that was not covered by your insurance plan. When your husband went to the doctor or was admitted to the hospital, then hopefully YOU didn't sign anything saying that you were the responsible party for paying his bills. If that's the case, then there is nothing the doctors, labs, hospital (whoever the bills are from) can do against your credit history. Whoever tells you differently is misinformed. Even the medical providers tell you "We file insurance claims as a convenience for you, but the full payment for our services is ultimately your responsibility." They told that to your husband, not you (I hope).

Answer 6

Whatever you signed together, it's both, after that whats yours is yours and his is his...however you might want to pull a copy of your credit after the divorce has been final a years or so to make sure this is whats happened. Mistakes do get made

Answer 7

You'll have your own credit, but anything he does on joint accounts after you are divorced (say, if he gets the car you bought together and then doesn't send in payments) can still affect you. An attorney can help you work it out so he can't screw you over.

Answer 8

The only credit that you would have from your husband would be anything that was a joint account meaning both names were on the contracts.

Answer 9

Any accounts that were Joint accounts in both of your names will still be active unless you have closed the accounts. Also, even if the accounts were closed but still had balances due, you are still equally accountable for the debt until it is cleared to zero balance. If the person on the account with you said they were going to take care of an account, but made late payments... it will ruin your credit as well as thiers.

Answer 10

Hi, If you don't have a credit card in your name,and you didn't apply for one on your own.You have no credit. You need to apply for a credit card so you can start having good credit for yourself. A Friend.

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