Divorce can be a stressful event and discovering that your credit cards are all maxed out could be a nightmare. This can be a big issue before a divorce is final or following the papers are signed. The problem is that throughout a divorce an angry spouse can max out joint charge card accounts and never care if they receive money or not. With the credit turmoil, maxed out cards that have reviewed the credit limits could cause scores to become lower. In addition, the credit card company will still want their money regardless of what a judge rules and will pursue anyone on the joint account with regard to payment. The best thing to do when in a divorce is to try and pay off debts as quickly as possible and Close accounts. Accounts can not be closed until they're paid off. If this is no option, call the card companies and let them know you are divorcing and you want the account frozen until it's paid in full to prevent any kind of future charges. It may be worth your money to obt
ain all accounts paid off and closed to avoid 1000s of dollars in charges on cards. Order credit file often to monitor an angry spouse trying to get credit in your name. Monitor your mail to ensure you are getting your mail. Whenever a spouse has moved out, they might have your mail and their mail routed to some new address, if this happens you'd not even notice what may be happening on charge card statements. Review credit reports for any credit inquiries and new charge card inquiries. Make sure to monitor joint financial institution accounts too and consider closing these phones prevent any problems of abuse from the joint account holder. If already divorced, it's best not to keep old joint company accounts, close them and apply for new charge cards in just your name. If credit scores have been damaged, apply for new credit and settle payments on time to start building good credit rating.
For more information on separation and divorce and joint accounts, please visit http: //LegitCredit. com.
View this post on my blog: http://creditcard.valuegov.com/divorce-and-credit-card-debt/
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