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Is there any way you can repair your bad credit caused by an ex-husband after a divorce was filed?
If an account (credit card, auto loan etc) was held in both you and your husbands name then you are both responsible for the debt. Divorce is one of the biggest reasons many people have derogatory credit. If the court declared that the debt was to be paid by your husband and he didn't, send a copy of the court records with the account information to each of the three credit reporting agencies with a letter requesting your name be removed from the account. Keep copies of all correspondence.
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Fix Bad Credit 1. DELETE COLLECTION ACCOUNTS Did you know that paying a collection account can actually reduce your score? Here's why: credit scoring softwar…e reviews credit reports for each account's date of last activity to determine the impact it will have on the overall credit score. When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as "Paid Collection". When this happens, the date of last activity becomes more recent. Since the guideline for credit scoring software is the date of last activity, recent payment on a collection account damages the credit score more severely. This method of credit scoring may seem unfair, but it is something that must be worked around when trying to maximize your score. How is it possible to pay a collection and maximize your score? The best way to handle this credit scoring dilemma is to contact the collection agency and explain that you are willing to pay off the collection account under the condition that the all reporting is withdrawn from credit bureaus. Request a letter from the collector that explicitly states their agreement to delete the account upon receipt/clearance of your payment. Although not all collection agencies will delete reporting, removing all references to a collection account completely will increase your score and is certainly worth the involved effort. 2. DELETE PAST DUE ACCOUNTS Within the delinquent accounts on your credit report, there is a column called "Past Due." Credit score software penalizes you for keeping accounts past due, so Past Dues destroy a credit score. If you see an amount in this column, pay the creditor the past due amount reported. 3. DELETE CHARGE OFFS AND LIENS Charge offs and liens do not affect your credit score when older than 24 months. Therefore, paying an older charge off or a lien will neither help nor damage your credit score. Charge offs and liens within the past 24 months severely damage your credit score. Paying the past due balance, in this case, is very important. In fact, if you have both charged off accounts and collection accounts, but limited funds available, pay the past due balances first, then pay collection agencies that agree to remove all references to credit bureaus second. 4. DELETE LATE PAYMENTS Contact all creditors that report late payments on your credit and request a good faith adjustment that removes the late payments reported on your account. Be persistent if they refuse to remove the late payments at first, and remind them that you have been a good customer that would deeply appreciate their help. Since most creditors receive calls within a call center, if the representative refuses to make a courtesy adjustment on your account, call back and try again with someone else. Persistence and politeness pays off in this scenario. If you are frustrated, rude, and unclear with your request, you are making it very difficult for them to help you. 5. CHECK YOUR CREDIT LIMIT(S) AND EVENLY DISTRIBUTE BALANCES Make sure creditors report your credit limits to bureaus. When no limit is reported, credit scoring software scores the account as though your current balance is maxxed out. For example, if you know that you have a $10,000 limit on your credit card, make sure that the limit appears on the credit report. Otherwise, your score will be damaged as severely as if you were carrying a balance of the entire available credit. Credit scoring software likes to see you carry credit card balances as close to zero as possible. If it is difficult for you to pay down your balances, read the following guidelines to maximize your score as much as possible under the circumstances: There are different degrees that scoring software can impact your score when carrying credit card balances. Balances over 70% of your total credit limit on any card damages your score the most. The next level is 50% of your balance, then 30% of your balance. In order to maximize your score without having to pay down your balances, evenly distribute your credit card balances among all of your credit cards, rather than carry a large balance on one credit card. For example, if you are carrying a $9000 balance on a credit card with a $10000 limit, and you have two other credit cards with a $3000 and $5000 limit, transfer your balances so that you have a $1500 balance on the $3000 limit card, a $2500 balance on the $5000 limit card and a $5000 balance on the $10000 limit card. Evenly distributing your balances will maximize your score. 6. DO NOT CLOSE YOUR CREDIT CARDS Closing a credit card can hurt your credit score, since doing so affects your debt to available credit ratio. For example, if you owe a total credit card debt of $10,000 and your total credit available is $20,000, you are using 50% of your total credit. If you close a credit card with a $5,000 credit limit, you will reduce your credit available to $15,000 and change your ratio to using 66% of your credit. There are caveats to this rule: if the account was opened within the past two years or if you have over six credit cards. The magic number of credit card accounts to have in order to maximize your score is between 3 and 5 (although having more will not significantly damage your score). For example, if a card was opened within the past two years and you have over six credit cards, you may close that account. If you have more than six department store cards, close the newest accounts. Otherwise, do not close any at all. 7. BECOME AN AUTHORIZED USER (Note: Although this tactic is no longer effective for Experian, both Trans Union and Equifax consider authorized user accounts when calculating your credit score.) If you have a short and limited credit history you can ask someone who is a primary account holder to add you to their account as a joint account holder or an authorized user. When added, the primary account holder's credit card will appear on your credit report. Credit scoring software will treat the added account as though it is your account and you will benefit from the low balance and the long payment history for that account. It is important to remember that being an authorized user is helpful for your credit score only if (1) the person is carrying debt below 10% of the credit limit and (2) has had good payment history on the card for seven years or longer. The longer the history, the better. Being an authorized user is potentially detrimental to your credit score if, for example, the primary card holder carries a high balance on the card and has had it less than five years. 8. KEEP YOUR OLD CREDIT CARDS ACTIVE 15% of your credit score is determined by the age of the credit file. Fair Isaac's credit scoring software assumes people who have had credit for a longer time are at less risk of defaulting on payments. Therefore, even if your old credit cards have horrible interest rates, closing those cards will decrease the average length of time you've had credit. Use the old card at least once every six months to avoid the account rating to change to "Inactive." Keeping the card active is as simple as pumping gas or purchasing groceries every few months, then paying the balance down. An inactive account is ignored by Fair Isaac's credit scoring software, so you won't get the benefit of the positive payment history and low balance that card may have. The one thing all credit reports with scores over 800 have in common is a credit card that is twenty years old or older. Hold onto those old cards!
Answer Um, don't you think one would need to know what you mean by "bad"? Specifics are needed...
Answer Usually because they are stingy and lazy and are expecting you to do it! It happened to me and believe me when I say I ran with the ball he tossed …over and got a lawyer. I played a real sneaky on him. I went to my lawyer, so my husband had to get one. The divorce should have been easy as there were no children or property involved, but he was just miserable. He was going to give evidence so the divorce would be quick, but he would back out all the time. He was the one cheating! Finally I told my lawyer to phone his and tell him that if he didn't settle this divorce quickly and if he didn't stop blaming me (expecting me to pick up the tab for the divorce) that I would contest the divorce in court. This would have made him wait 3 years or more to ever marry and his mistress was putting pressure on him for the divorce to be finalized. He was livid and had to pay for the divorce. After all he put me through it made me feel darn good! We both moved on and yes, he did marry his mistress. Answer Might be too much hassle. If it's in CA his ex wife will get half of whatever they own together. It is also VERY costly with lawyer fees and time off work to go to court dates etc. Most men stay married (even though they no longer have ties to the ex), but go on living their lives as single men. It might be that's the case, and if it was really that ugly of a seperation, he has no intentions of ever getting married again.
Making repair to your credit is not a difficult task, but it does take time and patience. Truly what you need to do is simply take steps to evaluate your use of credit and the…n see where changes can be made. Then not only will your credit be repaired, your credit score will raise as well.
5 C's of Credit refer to the factors that lenders of money evaluate to determine credit worthiness of a borrower. They are the following:. 1. Borrower's CHARACTER. 2. Borrow…er's CAPACITY to repay the loan. 3. COLLATERAL or security/guarantee for the obligation. 4. Borrower's CAPITAL (business networth) or downpayment for the loan. 5. Present and anticipated CONDITIONS of the borrower, collateral, business, and the industry or economy in general
Credit repair after a divorce can be a tricky situation. You must do your best to sever any ties you had with your spouse including joint accounts, credit cards, and loans. Se…parate your names from each other. Then begin disputing any negative items that were caused by your ex to the credit bureaus. They will have 30 days to verify the negative items are yours or not or they will be removed from your credit report. Anything that was negative that was caused by your ex, is still your responsibility though and unfortunately it will show up on your credit reports unless luckily removed.
It's never too late to repair your credit and heal your bad credit history. One place to start is to pay down your debt and stop using credit immediately.
Basically, and believe it or not, bankruptcy is not the end of the world for credit. I remember before I knew about Credit that I must have bad credit because I was late on… a few utility bills, that shows how dumb I was, but later I learned that the Credit Reporting Agencies keep us in the dark most of the time, because consumer spending and interest rates go up. Kind of a dark side to it all, but the good side is that you can repair your bad credit if you have bankruptcy or foreclosures or collections too!! But beware of scams!! Employ a good credit repair company if you can, or work with the BIG 3 to get your credit up! Wayne ans Very simply, virtually all companies claiming to make anything special happen with your credit are scams and denounced as such by EVERY consumer group and attorney general known. Most even do harm and the best certainly don't do anything you can't, or actually have to, do by yourself. I would observe that the comments above seem to have a familiar tone to them from the type of Cos being talked about. And why the credit reporting agencies would "want to" keep anyone in the dark about anything...especially justifyong it with increases in spending and interest is absurd, or just dumb. Credit reporting agencies are simply information services. That's all. They provide and share information...they do not extend, determine or actually have anything to do with providing credit..or have anything to gain from higher interest rates or such. (although interestingly, a credit repair company would have a financial interest in keeping you in financial straights as long as possible!) Fixing your credit is not a trick...you have to avoid doing all those things that made it bad...you must pay your bills and adhere to your promises absolutely completely. It takes time 9and the BK will stay on your record for at least 10 years, no matter what), but if you have shown that you have changed, maybe someone will provie you credit...of course screw it up at all, and everyone else will simply see, you aren't credit worthy. Pay your bills. Save money and show assets - which means there is some way a creditor can get repaid other than your promise -- and means you have discipline and are preapred for unexpected misfortune....and living within your means, and most importantly understanding the financial aspcts of life. It takes time...like any wound, to heal....and if you pick at the scab, it never will. ans If you worked for experian , like i did, you'd really be embarrassed with your response I wish it worked that way. Now my question is "how do the credit reporting agencies get paid? " Hmmm... figure that out and then we can talk.. Follow the money my friend, and all will come into the light
Pay off your bills and the arrears on secured debt, or sell the property and pay the debt off. A few states still have "composition of creditors" laws allowing attorneys… to do an informal equivalent to a chapter 13. There are a lot of sacams that will tell you they can cure your credit ills in other ways, but I see these people after the additional damage was done, and it's too bad they didn't start with consulting a bankruptcy lawyer first.
Credit repair companies repair bad credit by using the Fair Credit Reporting Act to dispute negative items that are on your credit reports. This can be done by anyone, but has… been mastered by some of the credit repair services at a large scale level. The slang term for this practice is dispute mill because they dispute lots of negative items on lots of credit reports, but it can still be quite effective if done right. The FTC provides guidelines for credit repair as well as a sample dispute letter on their website (link below). There are many strategies in resolving credit problems. Just make sure if you use a credit repair company, deal with a reputable company. Consider finding a consultant that is a member of a trade association that regulates the credit service industry. Credit Consultants Association is such an organization.
A credit repair company shouldn't be able to hurt your credit score, but you may end up paying money without any improvement in your credit score either. To ensure your credit… repair company is reputable search the BBB website to see what reports, if any, exist on the company.
You can file for a no fault divorce in any state.
How do you find out if your husband has filed for a divorce in another state and is it possible to file a divorce if you don't have the other person sign any documents?
It is very difficult to file for divorce if the parties live in different states. Your husband would be required to have you officially served with the notice of divorce if he… tried to file and each state has residency requirements. He cannot file at some other state in secret. See related links. It is very difficult to file for divorce if the parties live in different states. Your husband would be required to have you officially served with the notice of divorce if he tried to file and each state has residency requirements. He cannot file at some other state in secret. See related links. It is very difficult to file for divorce if the parties live in different states. Your husband would be required to have you officially served with the notice of divorce if he tried to file and each state has residency requirements. He cannot file at some other state in secret. See related links. It is very difficult to file for divorce if the parties live in different states. Your husband would be required to have you officially served with the notice of divorce if he tried to file and each state has residency requirements. He cannot file at some other state in secret. See related links.
The best way to repair bad credit, in order to get a mortgage is by paying off all of your bad debts. Try making payment arrangements with the creditors that are delinquent; t…hen your credit will become slowly restored!
There is no easy way to repair a bad credit history, but with patience and willpower, it is possible to see one's credit score rise again. First, an individual should educate …themselves about their rights according to the Federal government. Second, it is important when you have a bad credit rating to make certain the information on your credit report is accurate. one can seek credit counseling from a government approved agency, many of which offer no cost or low cost counseling services. These services can often help individuals in debt make proper decisions about consolidation or bankruptcy. Finally, it is imperative to avoid further damage to one's credit rating by avoiding new lines of credit that are outside a monthly spending budget.
There are several steps an individual can take in order to repair all forms of bad credit and their reports. The best way is to get a loan on something high priced like a car …or home and make the monthly payments on time.
One step to repair bad credit is to fix any errors currently in your credit report. The other obvious solution is to catch up on any missed payments that you currently have.