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.
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.
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.
In the fall of 2017 VantageScore Solutions will be releasing the 4th generation of its credit scoring model, VantageScore 4.0. Of course, there are already “scores” of different credit scores commercially available so the introduction of yet another new credit scoring model is probably not the most exciting news on the planet. Except this time things are a bit different. VantageScore 4.0 will feature some meaningful differences from any other credit score currently on the market.
The world of credit can be a very confusing place, and we credit-types tend to speak in acronyms. Many of the terms and these acronyms can sound alike, which only adds to the confusion. In my world, the world of credit reporting and credit scoring, using the wrong word, letter, phrase or acronym can turn a seemingly innocent concept into an inaccuracy.
I’ve been having a running conversation about credit scores with my father for some 25 years now. He just cannot understand how having a perfect payment history doesn’t equate to a perfect credit score. I get it. Conversely, he cannot understand how having credit card debt, even when paid on time, can lead to a lower score.
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