So you’re getting divorced…I’m either sorry to hear that, or CONGRATULATIONS! Although divorce may put an end to the life you once shared with your former spouse, the debt you shared together is typically not so easy to leave behind. In fact, unless you plan very carefully to protect yourself during a divorce, your credit could take a severe hit during the process.
Have you set a goal to improve your credit scores? Perhaps you want to apply for a mortgage or purchase a new vehicle in the not-so-distant future. Whatever the motivation, the decision to work toward improving your credit scores is always a smart move.
Bad credit can sometimes feel like an embarrassing photograph from high school. You remember those, right? Bad credit has the ability to come back and haunt you again and again throughout the years, often when you least expect it, judging you over and over again.
Most people who are struggling with unpaid debts did not arrive in that unpleasant situation intentionally. Generally it is either a series of bad choices or bad luck that leads to excessive debt problems. There certainly also are individuals who fraudulently open accounts without the intention of repaying their debts, but these criminals are the exception, not the rule.
You already know that your credit history is important whenever you apply for a new loan or credit card account. You may even realize that your credit history matters far more often than simply during an application for financing. What you may not fully understanding is that how much your credit matters and knowing how to improve your credit are two completely different concepts.
Sooner or later the condition of your credit reports and scores is going to impact your life, it’s unavoidable. Want to lease an apartment? Your credit matters. Want to take out a loan to purchase a vehicle? Your credit matters. Want to take advantage of a better cell phone plan? You guessed it, your credit matters.
The co-signing story always begins the same way. Your child, your favorite nephew, your cousin, or your boyfriend or girlfriend asks you for a favor which goes along the lines of, “the bank says I need a co-signer… will you co-sign?” If you don’t already know where this is headed, read on.
Is it true that my credit scores will drop every time my credit reports are pulled? What exactly is an “inquiry” anyway? Does it hurt when I check my own credit?
Consumers have a lot of questions when it comes to inquiries and how those inquiries affect their credit scores. In fact, inquiries are one of the most misunderstood subjects in the world of credit due in large part to the many myths routinely spread regarding the topic. So the next time you read anything having to do with inquiries, keep the following in mind…