Divorce has held the biggest challenges for me of anything I ever faced.  It’s also one of the areas in which I’m most proud of my accomplishments courtesy of those challenges. I know that single mothers, in particular, struggle with the finances after a divorce, so I’m providing a ton of tips to help you stay on top of this important aspect of life after divorce.
Benchmark Where Your Credit is Right now.
First, make a list of all paperwork that includes all credit cards, all assets, and the contact information for your credit card companies. Secondly, communicate with the credit card companies about your divorce. If the accounts are joint, it’s wise to convert them to individual accounts so that only you have access to them and are responsible for what is spent on them and when the payments get made.  If you cannot convert them, close the joint accounts.
Get A Current Credit Report
The three major credit-reporting agencies, Equifax, TransUnion and Experian, are each required by law to provide consumers, upon request, a free copy of their credit report once every 12 months. You can get your free copy online from www.AnnualCreditReport.com or by calling (877) 322-8228.
Also under same law as above is the following information about you that is available: Your Medical Information: Medical Information Bureau. Your Renter’s History: First Advantage SafeRent. Your Check Writing History: ChexSystems
 
Create a Moving Forward Plan
You might be lucky enough to have no credit problems.  If you’re not that lucky, it’s important to understand that clearing up your credit is wise, so let’s begin today. All it takes is common sense, communicating with the companies you owe money to, and persevering.
If the current monthly payments are impossible for you, call each company and work toward a better agreement.  Be sure to keep your agreement.  Pay all your bills on time and if you can’t, be sure to call and tell them why so it doesn’t go on your credit report.  This is true of credit card companies, your student loans,  your car loan, your mortgage, etc.
Don’t apply for more credit cards until you have a handle on the ones you have.
Good luck and good persevering.

Len :: Sep.23.2008 :: General ::

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