How Divorce Can Impact Your Credit Score
Divorce proceedings can directly affect credit scores as the process often entails dividing debts and assets.
Divorce proceedings can directly affect credit scores as the process often entails dividing debts and assets.
Credit scores are typically quantified within a scale, with the majority ranging between 300 and 850. This spectrum allows lenders to quickly assess an individual’s creditworthiness.
When a payment is missed, it’s not just the immediate fees and penalties that are of concern. A late payment can lead to a significant drop in your credit score, potentially by up to 180 points.
Debt settlement is an agreement between a debtor and a creditor where the debtor pays a lump sum that is less than the full amount owed to close out a debt. While this option may seem appealing, it’s important to recognize the potential repercussions.
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