04-10-2011 06:59 AM
Well, I knew it was coming, I just wasn't sure how much of a hit I would take on my scores.
As part of my BIG D years ago (95), my ex kept the credit cards. She kept them paid up and then in 2001, she closed them. There were only two at the time. I knew they were about to drop off my CR's this month and was curious to see how it would affect my scores. Here's what happened after two of them dropped:
TU - stayed the same (721 to 721)
EQ - dropped 43 points (747 to 704)
EX - has dropped them as of today. I expect they'll drop from their CR at the end of the month.
I wish I would have known 16 years ago how this whole credit system worked. I would have obtained a new card under my name alone to maintain a credit history. Instead, I concentrated on paying my child support on time (a good thing) and keeping a low profile with my credit. I didn't want to interfere with the CS in any way. Either way, I still came out pretty good. A few more years of maturity on my now 3+ year old cards, and I'll be right back up there. For now, keep the UTL % down on each, but still show usage and on time payments and the scores will slowly creep back up.
Recommendation to anyone going through the BIG D, pay attention to the posts here in the forums. ALWAYS remember, your divorce decree is only an agreement between you and your ex. The creditor's could care less about your agreement with each other, they only care about the agreement you have with them.
04-10-2011 07:01 AM
Correction - EX has NOT dropped them yet. Sorry!!!
04-10-2011 09:55 AM
It's always fascinating to see how a change in oldest history and AAoA affects scores, or doesn't in the case of your TU.
Congrats on what seems to have been a pretty well-done divorce --she kept the cards and history clean (thumbs up), and you paid your child support (thumbs way up!!!) And a great reminder of the importance of establishing credit in one's own name.