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Protecting Your Credit Score

Money matters can often get moved to the ‘back burner’ with all of the drama that unfolds during a divorce. If you’re planning to divorce your spouse, you need to protect your finances, and especially your credit score.

You Should Close Joint Credit Accounts Immediately

When you both signed the application for that credit card or loan, you both agreed you would be responsible for the debt, no matter how the debt is distributed in the divorce. If you or your spouse misses a payment, makes a late payment, or defaults on a loan you both will suffer the consequences in your credit rating.  

The Biggest Hit Your Credit Score Takes is On the First Late Payment

According to FICO data, a 30-day delinquency could cause as much as a 90 to a 110-point drop in a FICO score for a consumer who has a FICO score of 780, and who has never missed a payment on any credit account.

My Example

I can tell you from personal experience this point drop in a credit score, due to one late payment is absolutely true. My spouse missed a $25 credit card payment simply because the e-statement notification never made it to our email account, and because of this we were unaware of the required payment date.

When I signed into the account to check when the payment was due I was shocked to see that the required payment date had passed two weeks before.  I called the bank and explained the situation and paid off the account immediately, but it was too late.

Because we were late the credit score dropped by more than 90 points the next month; all over being late on one small credit card payment.

How Would a Late Payment Affect Your Credit Rating?

How would many late payments affect your credit score? Don’t you think it’s important to guard your credit rating? 

Additional Reading, Click the Links Below: 

Heloc as the ATM              Removing a Name from the Mortgage


For more information read this blog post from Equifax:

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We specialize in helping couples who plan to divorce avoid making expensive and long-lasting mistakes with their marital home.


We do this by helping people completely understand all of their options with the marital home including keeping the home, selling the home, mortgage and refinance options, and explaining why home due diligence, updated credit reports, and title searches are so important.

We explain to our clients how their decisions with respect to the home can impact their quality of life for many years to come.

We help our clients prevent credit damage and preserve their ability to buy a home in the future.  

With the information we can provide families can make better decisions and perhaps avoid making expensive and long-lasting mistakes.

Our initial pre-divorce consultations are provided at no charge.



If you use appraisals in your practice to help determine the value of a home we can show you at least two gaps in the case file that can be detrimental to your clients.

We’ll explain why house due diligence is very important to determining actual value.

We’ll explain why a CLUE report should be part of your case file.

The information we produce can bring about more cooperative clients.



We provide our initial pre-divorce consultations at no charge.

We do this in the interest of consumer protection, helping our clients protect their credit ratings and preserve their future home ownership capabilities. 

If the couple decides to sell the marital home we hope that our information has been helpful and they will consider us for the listing and mortgage or refinancing of the home and/or new homes. 

Less Than 1%

Less than 1% of all real estate agents, mortgage loan professionals, and title professionals have the Real Estate Collaboration Specialist - Divorce (RCS-D) designation. Agents without this designation could just be guessing how to advise you through this difficult time, we'll give you the facts that only professionals with our specialized training can provide.