Wife is filing my score will sink...why ?

[Bosco]

My lawyer is telling me that when my wife files my credit scores will drop like crazy...I don't owe any credit card debt...I am not on any of her cards so why will this happen...

I am not going BK she is...

[tobee43]

remember for better or worse?

yes, i know a wife that went BK and her husband did not...he was extremely upset, however, in the long run it did not hurt him much credit wise. i don't know nowadays...everything changes your credit score! if you eat out too much...if you eat out too little...if you pay your this with a charge or that...it's difficult to tell what will REALLY effect your score.

[bigtim6656]

This is why should I get a CC post bk I will use it for things that will build my credit. Someone told me if you use them to pay for gas more then a few times here or there it makes your rating go down. Or I saw on TV where a womans limit and credit went down cause she used it at walmart and did not before.

remember for better or worse?

yes, i know a wife that went BK and her husband did not...he was extremely upset, however, in the long run it did not hurt him much credit wise. i don't know nowadays...everything changes your credit score! if you eat out too much...if you eat out too little...if you pay your this with a charge or that...it's difficult to tell what will REALLY effect your score.

[tobee43]

This is why should I get a CC post bk I will use it for things that will build my credit. Someone told me if you use them to pay for gas more then a few times here or there it makes your rating go down. Or I saw on TV where a womans limit and credit went down cause she used it at walmart and did not before.

right....go figure??

[tcreegan]

spouse credit score

Hi bosco,

Your credit score will only take a hit if you have joint accts included in the BK.
But I am willing to bet you can get those corrected if you complain enough to the credit reporting agencies.

Hello again bigtime, don't believe what you see on TV, the credit reporting agencies aren't going to report anything differently if you charge at WallMart or at Saks 5th Ave. What matters is length of time on the account, amount of credit available, amt of credit used, and payment history (late, on time, always on time)
What you buy is not an issue, to build credit buy something you would buy anyhow (gas, food) and pay it off before the end of the month (or whatever the cc billing cycle is)

Tom in Colo

[ccsjoe]

This is why should I get a CC post bk I will use it for things that will build my credit. Someone told me if you use them to pay for gas more then a few times here or there it makes your rating go down. Or I saw on TV where a womans limit and credit went down cause she used it at walmart and did not before.

You are partially right. The stories were about what credit card issuers were using as parameters to justify rate increases and limits. So for example if a client had a history of shopping at higher end store and suddenly started shopping at WalMart, that showed that the client was potentially going through hardship and was a higher risk, hence the increase in rates. It had nothing to do with credit bureaus.

[stormy]

My husband and I are divorced and my filing for Chapter 7 is hitting him as well. There were six accounts that were joint; a truck, a camper, 2 mortgages and two credit cards with high balances.

He already refinanced the truck to put it in his name only; he's working on the camper. There's not much he can do about the mortgages or the credit cards. In fact, GMAC and Wells Fargo; the two mortgage holders, have cut off on-line access to him. As far as the house is concerned it's underwater by about $20,000 so I don't know what he plans to do. He WAS supposed to sell the house per our divorce decree but he doesn't seem to be in any hurry to get out of it; he's been making the payments on the mortgages but he's been making quite a few payments late.

Wells Fargo sent him a letter saying that we no longer qualified for their HELOC and are wanting financial information from him; what for I don't know, perhaps to see if he can carry the loan by himself. (He can't)

[bigtim6656]

I see, so using my CC at say the hourse track, casino, or some high end hotel in new york then rolling down to goodwill a week later throughs up a red flag

You are partially right. The stories were about what credit card issuers were using as parameters to justify rate increases and limits. So for example if a client had a history of shopping at higher end store and suddenly started shopping at WalMart, that showed that the client was potentially going through hardship and was a higher risk, hence the increase in rates. It had nothing to do with credit bureaus.

[tobee43]

I see, so using my CC at say the hourse track, casino, or some high end hotel in new york then rolling down to goodwill a week later throughs up a red flag

LOL!!!!!!!!!!!! hehehehe...yeahhhhhhh....

but they just upped our interest rates and cut our lines. when i called them to ask why, they said because they "could". of course they had to HURRY before congress...(like the fox watching the hen house) inacted the bill in jan 2010 to stop the banks from all those changes etc.....nothing like making a public announment...HURRY drop ALL lines and INCREASE all interest rates because after jan you can't!! what a world we live in!