QUINSTREET, INC.

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Credit Problems Pile On to Divorce Woes: CardRatings.com Shares New Guide [Jan 18, 2022]

01/20/2022 | 03:06am EDT

Rebuilding credit is a crucial step toward financial independence after a divorce

Foster City, CA - January 18, 2022 - Roughly 1.5 million Americans get divorced each year and a good portion of that number may face an unexpected challenge: rebuilding their credit history. CardRatings.com releases How to Build Credit After a Divorce, a guide outlining steps to assist recent divorcees with re-establishing credit and avoiding some of the financial difficulties associated with divorce.

"Credit scores may not be at the top of mind while going through a divorce," notes Brooklyn Lowery, editorial director and credit card analyst of CardRatings.com. "But it can become a problem if you don't prioritize an independent credit history after divorce."

Attending to finances after a divorce can be especially crucial for women. According to the U.S. Census Bureau, recently divorced women are nearly twice as likely as recently divorced men to experience poverty.

Divorcees need to clearly establish their financial obligations and start building a credit history that allows them access to financial tools such as loans and credit cards. With employers and landlords increasingly checking credit reports, credit history issues can affect career prospects and housing options as well.

The new resource from the leading credit card comparison site outlines five steps toward building strong, independent finances after a divorce:

  1. Review recent credit reports. Check to see if a former spouse has any outstanding late payments to which you are connected. Try to resolve any issues that are uncovered. If nothing else, assessing credit reports yields a good understanding of your starting point.
  2. Close joint obligations. Whether it's a joint credit card or a mortgage, any shared financial accounts can be problematic. These accounts can enable an ex to run up charges and any poor payment habits reflect on both account owners.
  3. Fix credit report mistakes. Credit reports can contain inaccuracies. Now is the time to clear up any errors.
  4. Take steps to rebuild. A good first step can be opening a secured credit card and establishing an on-time payment history. Before long, it may be possible to convert the secured card to a regular credit card account.
  5. Manage credit responsibly. Make payments on time and use less than 30% of available credit at any time.

Lowery is available to offer further insight into surviving credit disruption after a divorce, as well as tips on how consumers can get the most out of their credit cards.

About CardRatings.com

CardRatings is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. CardRatings is a member of QuinStreet's expert research and publishing division.

CardRatings.com innovated online credit card ratings and has been offering independent ratings and reviews of credit card offers since 1998. The website collects and maintains data on more than 700 credit card offers and carefully compiles objective lists of the top credit cards by card type, making it easy for consumers to find the right card to fit their needs.

Twitter: @CardRatings
Facebook: facebook.com/CardRatings

Media Contact

Charlene Arsenault
Media Outreach Specialist
508-832-8918
carsenault@quinstreet.com
LinkedIn

Disclaimer

QuinStreet Inc. published this content on 18 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 08:05:01 UTC.


© Publicnow 2022
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Net income 2022 -2,90 M - -
Net Debt 2022 - - -
P/E ratio 2022 -207x
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