lending: A divorce does not impact credit scores
- 12/05/11 05:17 AM
Fact: Divorce proceedings don't affect credit reports or credit scores directly. However, the financial issues that are embroiled in the divorce process often involve joint credit accounts, and those very much affect credit history and credit scores.
Accounts are reported for each individual associated with that account, so if one spouse is listed as a joint owner, cosigner or authorized user, he or she must deal with that account prior to the divorce. That means closing the account completely or ensuring that one name is totally removed from the account.
Many divorcing … (1 comments)
lending: Do Not of getting a Home Mortgage!
- 10/31/11 04:53 PM
As we all know the Real Estate and Lending profession has become more difficult than ever but this doesn't make our jobs impossible it just means we have to be more proactive in making sure our clients are set-up for a smooth and timely close of escrow. Here is what we need to be conscious of: DO NOT!!
Ø Apply for any credit cards
Ø Purchase high cost items on credit cards
Ø Run credit reports
Ø Co-sign for a loan
Ø Transfer money between accounts
Ø Accept cash from credit cards for … (1 comments)
Fact: Divorce proceedings don't affect credit reports or credit scores directly. However, the financial issues that are embroiled in the divorce process often involve joint credit accounts, and those very much affect credit history and credit scores.
;)
;)
