Gain the confidence and direction you need to succeed in your new life.
- Realizing your credit record and score isn’t quite what it was when you were one-half of a married couple can be very distressing.
- Even if you received a lump sum settlement, you may still need to show prospective lenders that you are a reliable borrower.
- There are several steps you can take to rebuild or build credit after divorce and keep from making the kind of missteps that can be hazardous to your wealth.
For better or worse, you’re entering a new chapter in your personal and financial life. If you weren’t the primary breadwinner in the marriage, you may have relied on your partner to handle the finances. Starting anew, many in your situation face a rude awakening when they realize their credit record and score isn’t quite what it was when they were one-half of a married couple.
Lenders and insurers will typically consider applicants with poor credit to be higher risks and, as a result, may offer them higher mortgage and credit card interest rates, as well as insurance premiums. But take heart—here are some simple ways to build or rebuild credit after divorce and keep from making the kind of missteps that can be hazardous to your wealth.
Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC. Please see important disclosures at the end of the article.Download Article