Ways to Protect your Credit – Part I

Published by cravat | Filed under Buyer / Seller Tips, Finance, Miscellaneous, Real Estate, Shout Outs, Uncategorized

Even breakups and divorces that start friendly can later on turn differently, despite of a well-intentioned ways to remain civilized. It no longer concern who has done wrong, who is naïve, who will take the blain or simply the bond or partnership just drifted away, a death of a relationship is a time to mourn and also a time of a new life. 

It only goes to show that even if your other half may no longer be in the picture, your finances will go after you wherever this new life will direct you. Leading you to knowing, understanding and securing your credit can give you a far better view than anyone. 

1.     You need to get a credit report.  You need to inform different credit bureaus or you can also get it via internet. After so, make a list of all creditors regardless secured and unsecured. Secured creditors are those who affix an asset as a bond for the debt. If your property is mortgage or if you have an existing car loan, for instance, your property or car are assets that can be used as security. 

2.     Separating Joint Accounts from Individual Accounts. Joint accounts are those that include both of you and your partners names, for example, and either both or each of you is accountable for the loan. Individual accounts are those uniquely in your name. 

3.     Check for Joint Credit Card Lenders. If the credit is extended is supported on your credit or your other half’s credit. You can either do one of these: 

a)     If the credit is based on your credit but your better half has a card, as the bank or lender to remove the name of your partner and vice versa.

b)    If the lender or bank declines to have the name removed from the account, immediately close the account and open a new one, solely under your name.

c)     If you have an existing balance on your credit card, the bank will not close the account unless you clear your outstanding charges. You can further prevent additional charges on the account by asking for the account to be frozen. 

4.     Selling or Refinance Assets that has been Secured. You need to clearly identify and separate other liabilities for secured assets.

 a)     If a car is under a mortgaged in both names, regardless whether it is under your name or your partner is on the title, you are still both liable for the loan.

b)    Even if you are separated or divorced, the assigned possessions of those assets to one party or if either one of you willingly transfer title to the other, the liability of the mortgage or loan will still remain if you do not sell or refinances your assets.