Rebuilding Your Credit After Divorce

Orange County divorce lawyer; The Maggio Law FirmOnce you have gone through a divorce, most people face financial issues that are hard for them to handle. These financial issues can be a variety of types, and they can range from being unable to manage your needs with the finances you have or struggling to pay off lingering marital debts.

In the midst of all this you will one day realize that you have no credit established in your name and the importance of having a good credit. When that happens you will look to try build a credit rating for you post divorce. Building good credit is an integral part of rebuilding your life. Since whether it is rental applications or job applications, your credit ratings precede you.

Here are a few tips to follow if you are looking to rebuild your credit after divorce:

Identify your current standing

Before you set about rebuilding your credit ratings, you need to have a clear idea where you are standing after your divorce. The best way to do that is to go to the official credit report site and check your credit ratings.

When you are able to find your credit report, thoroughly review it to make sure that all the information about you is correct, that your spouse and his or her accounts or information are not part of your report. If you find errors in the report, the first thing you should do is contact the credit bureau and you should have the issue rectified.

Establish your own credit history if you don’t have one

If you were one of those spouses that was totally dependent on your ex spouse for finances, chances are you may not have a credit history of your own. if you don’t have one, you need to create one for yourself. The easiest way to do that is to apply for a credit card. Once you get a credit card use in wisely and make sure you steadily and gradually build a healthy but properly maintained credit history.

Pay your bills on time

As you work to rebuild your credit ratings after your divorce, you need to keep a close eye on your bills. Your credit history depends on the timely payment of a number of bills. Some of the more important bills that you need to pay are outlined below.

  • Monthly Installments of Car Loan
  • Monthly Installments of Mortgage or Rent
  • Monthly payment of Phone and other Utility bills
  • Timely payment of Credit card bills

Beat the Debt down

Debt is not something you can happily accumulate over the years. You have to pay and if you don’t, your credit rating gets severely affected. If you are looking to build you credit ratings and you have just gone through an Orange County divorce, its best that you refrain from accumulating new debt and instead focus on repaying the old one. Because the lower your debt, the better your credit rating.

divorce_attorneyGerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.