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We all know breakups and divorces can be complicated, especially when it doesn’t end on good terms.

Here are a few things you can do to prevent your credit score being negatively affected by your soon-to-be ex.

 

Close supplementary credit cards

If you’re the primary holder of your credit card but you have authorised your ex as an additional cardholder, the last thing you want to find out after a breakup is that your ex has been misusing your credit card account. To prevent yourself being left with big balances, call your card issuer and remove your ex from your account.

Keep in mind that your ex doesn’t have legal responsibility for the charges made to the account and you’re solely responsible for repaying back any purchases made by your ex while they are using a supplementary card on your account.

 

Review your joint accounts or joint loans

Having joint accounts or loans means both of you and your ex have the same payment responsibility for the debt incurred on the account. If one is unable to pay the minimum repayment each month, then the other is obligated to ensure payment is made on time.

Joint accounts or loans are harder to dissolve after a breakup or a divorce, therefore, an agreement between you two to work out the right scenario that’ll suit you both financially and won’t cause any hiccups to your credit reputation is important.

If you both no longer want to share a joint account, pay off the balance or transfer it to another account held by just one of the account holders, then close the account.

If you have a joint loan (home or car loan), in most cases, you may need to refinance the loan or pay it off entirely to put it behind you, however, it’s a good idea to consult a legal professional before making any decisions.

 

 Request new account numbers & update your address

Your ex may have mail or other accounts with your account numbers on them. If you don’t feel comfortable knowing that there might be a possibility your credit account information is visible to your ex, you can ask your credit provider to issue new account numbers for you.

While you are at it, check that you have updated your mailing address, that way all your mail reaches you, especially new bank statements and credit or debit cards. You can even have your mail forwarded from your old address to the new one.

 

Did you know you can manage your credit reputation for free? Sign up to get your free Experian credit score and credit report summary with Credit Savvy today. You’ll also get alerts of any changes to your file for free!