Parry Custom Homes Blog

Building Your Credit Back During and After Divorce

Categories: Buying a Home, Homeowner Tips, Pittsburgh custom homes | Posted: September 27, 2015 | Comments Off on Building Your Credit Back During and After Divorce
Planning Post Divorce

Planning Post Divorce

The topic of divorce is often a topic that is not talked about or discussed when it comes to financial planning. However, more and more homebuyers have to re-enter the housing market and look for a new home for themselves post-divorce. If you are looking for Pittsburgh custom homes and find yourself in this position, Parry Custom Homes has some tips on how to build your credit back up if it was affected during divorce.

If you don’t have credit established in your own name, divorce can be particularly hurtful when it comes to moving forward financially on your own. If you have no credit or a thin credit file, this can be a challenging hurdle when trying to move forward.

The best way to handle this is to prevent it, if at all possible. Establish separate credit as soon as you can, to maintain an individual amount of credit or two under your own name. A small purchase every two months is enough to keep an open account active.

If you didn’t do this pre-divorce, it is not too late. Establish separate credit during the divorce and use the primary wage earner’s income and credit history to qualify.

The first step will be to obtain your own credit report. This report can help you find out any credit that is open in your name and any debts as well. From there, open a major credit card in your name and get a car loan, open a bank account, sign a rental agreement or take additional actions to establish personal finances.

These steps are key to being “up and running” after divorce and not leaving yourself in a hole you are trapped in.

 

Parry Custom Homes is an established homebuilder in the Pittsburgh area.  Call or contact us today for more information about this floor plan option, or to view other homes in our portfolio that may suit your new home needs.

 

Parry Custom Homes
Parry Custom Homes is a custom home builder in Pittsburgh, PA. A local on your lot builder, we build throughout the Pittsburgh Suburbs in communities and on private home owner sites.

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