I have separated from my husband and I have ruined my credit. What do i do so it won't effect his credit?

Answer 1

All joint debts must be closed. If you co-own a house, he or you would have to refinance the mortgage in your own name only or sell it outright. The same applies with any vehicles. Joint credit cards and other unsecured debt should be closed as you cannot refinance them into just one or the others name. You can close those accounts if they are revolving like credit cards, and pay it off as you go, this way you cannot add to the balance any longer, but if the payments are late at all it will still affect both credit ratings. You can try to BOTH write to each creditor (not mortage or vehicle financing) and ask them to remove him from the debt, but many times they will not comply especially if they see your in trouble. They will not want cut loose any possible payee if they think you'll default and leave them holding the bag.

Answer 2

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.