Build Credit in your Name

If you have delinquent credit and are married, you might want to build your credit in your name instead of using your spouse. Somebody has to have stability. In addition, if you are divorced and all the credit cards of credit information are in your spouse’s name you will need to reestablish your credit in your name. Getting your credit reestablished is the first step to repairing your credit. When you obtain your credit report, you will see that your spouse’s name is listed on the credit reports. This is because together you and your spouse applied for credit cards, took out car loans or what have you. This means that you are responsible for your spouse’s account. The advantage is that credit bureaus cannot list the negative accounts against you if you are divorced.

Once you have copies of your credit report you will then need to cancel all joint accounts. If you contact the creditors to resolve the issues on your credit, reports make sure to ask the creditors to take in consideration your spouse’s credit history. It is important to bring into light your spouse’s credit history when applying for a loan. Let the lenders know that you are now divorced and starting your own credit line. If you apply for credit cards, be sure the cards are in your name and use them wisely since this helps to rebuild your credit quicker than most sources. Make sure that you pay minimum balance on the credit card accounts each month to avoid delinquencies. If possible, when you see that, your funds are low; pay your bills rather than making a purchase on your credit card.

Once your bills are paid, be sure to make a payment on your credit card. This method not only keeps you out of trouble with other creditors, but also offers a solution for repairing your credit. If you can afford to pay your bills each month and use your credit card, be sure to only purchase items you need and keep it at a minimal. If possible, payoff your credit card balances each month to avoid interest. Interest rates cost an additional hundreds of dollars in the end, so paying off your dues on time can save you money. If you do not have credit cards and decide to choose, a card make honest on your application and look for the best interest rates available. If you are in debt it is, wise to payoff your dues before applying for a credit card, unless you intend to use the card to get out of debt. If you plan to use the card to get out of debt search for the best interest rates, as well as cards that offer cash back on your spending.

There are tips for managing credit cards to repair credit. It is important that you are consistent with the use of your name. For example, if your name is Robert Leon Swisher Jr., always sign your name accordingly. Do not use your card dishonestly for advantages. Few people believe that lying can get them out of a problem. The truth lying gets you in deeper. If you are filling out an application for credit, cards tell the truth. It is important that you understand the timeframe to apply for a credit card.

If you are out of work, lived at your resident for less than a year or you have negatives on your credit report, this is not a good time to apply for a credit card. If you are stable, it is always wise to apply with lenders where you have done business with them later. Building your credit after divorce is difficult at times. However, it is not an impossible task. It is important that you are aware that most credit card solicitations are gimmicks that only offer you a solution for hanging yourself. Instead of getting out a rope, it is wise to stay alert, and investigate any credit card offer made available to you. Finally, you want to avoid low introductory rates on credit cards since after about six months the interest rates often hit the roof. Build your credit with caution!
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2007-2008 Timothy Watson