Financial Separation is Key Getting divorced is never easy. Although it is an unfortunate fact of life for more than half of all U.S. couples, parting ways with your spouse doesn’t mean that your credit has to take a hit. Separating financially is crucial as most married couples share joint assets, such as homes, cars, …
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Divorce is an emotionally challenging time when you may be preoccupied with child custody, property and insurance issues. However, your finances are just as important. While a divorce alone won’t hurt your credit, certain consequences of divorce could. When a relationship ends on bad terms, joint accounts with missed or late payments will tarnish your …
Getting divorced can come with plenty of heartache, paperwork, and even financial burden. But one of those struggles does not have to include a dip in your credit score just because you signed divorce papers. Be proactive. Take the following steps to evaluate your personal credit and those accounts that are shared jointly with your …
Before a Vehicle Repossession If you anticipate a repossession occurring, evaluate the items left in your vehicle. Although personal property can be retrieved after repossession, items could go missing or be damaged in the process of repossession. Take steps to protect your possessions: -Remove all important car purchase and finance documents from the vehicle …
Continue reading What do I need to know about Auto Repossession? →
You might need to consider getting someone to cosign an auto loan if you are unable to qualify for the credit. Frequently, poor credit or lack of credit history, lack of income, or being able to make a down payment are reasons that a lender would require the borrower to get a cosigner. But co-signing …
Errors on your credit reports can derail your finances, and sometimes prevent you from obtaining the credit you may need. By checking your credit reports regularly with the three main bureaus — Transunion, Experian and Equifax — you can make sure negative entries and inaccurate listings don’t stand in your way of getting the car …
Continue reading 3 Simple Steps to get your Financial Life in Order →
Lenders are not required to notify the borrower in advance of an auto repossession. However, after a vehicle has been taken, the lender must send a letter to the borrower outlining terms to get the vehicle back — whether the lender is a bank, such as Well Fargo or Bank of America, a credit union, …
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Being asked to co-sign a loan for a family member or close friend is a larger responsibility than most people realize. When you co-sign a loan, such as an auto loan, you and your credit are on the hook if that relative or friend decides to stop making payments on the loan. In other words, …
Unfortunately, many people do not learn about the importance of having accurate listings on their Credit Report until it is too late. Perhaps this describes you:
Checking your credit report regularly helps you understand where you stand when it comes to your finances. Many organizations, especially lenders, use credit reports as a way to get to know a consumer’s spending habits. They can be used to determine whether or not to approve someone for a new line of credit, a home …
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