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New Member
alyce830
Posts: 2
Registered: ‎01-25-2011
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Does it matter?

First post.... I'm obviously very new to all this.  I don't even know my FICO score.  I just ordered one and got an error but my debit card was charged so I guess I'll wait.

   

So my divorce/credit question is.....does it matter if my soon to be ex-husbands name is still on some of my accounts.   We have a secured joint credit card that we opened a couple of months before we split up and his name is on my auto loan.... both of which I have possession of and am paying on time. 

  

Also we've been separated for over 7 months now.  Does anyone know if I can be held liable for debts he incurred since we split up?  He's been evicted from an apartment for not paying rent and I've been worried that will come back to haunt me.    Our divorce won't be final until sometime in March.

 

Any information or advice would be greatly appreciated.

 

 

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Does it matter?

[ Edited ]

Hi, welcome to the forums!

 

You really do need to get all your credit in your name. Just because you have physical possession of your CC doesn't mean that he couldn't call and get a second card and go shopping, or even try for a cash advance. :smileysad: Same could be done by a friend of his that had access to his info. As for the auto loan, I don't see how he could interfere with that, but is the car titled in your name, his name, or both? I had to get my car retitled in my name, even though DXH isn't on the loan.

 

It's faintly possible that the CC issuer would allow you to take over the card in your name only. This is rare, but there are one or two banks that will do this. Otherwise, I would go ahead and open another CC in your name only, and then close the joint card. I don't know if your agreement deals with how the security deposit on the card would be dealt with, so you'll need to investigate that. <-- Actually, there's another reason to close the card. What if he did so first and kept the deposit?

 

I'll have to leave the rest, especially whether you might be liable for anything until your divorce is final, for those who know more about the law than I do. What state do you live in? --because that might affect potential liability.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Member
alyce830
Posts: 2
Registered: ‎01-25-2011
0

Re: Does it matter?

Thanks!  I'm in Texas.  I'd hate to cancel the card and open a new one.... that's one of the few positive things on my credit report that I'm desperately trying to fix.  I'll check with them and see what they can do.

 

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beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: Does it matter?


alyce830 wrote:

Thanks!  I'm in Texas.  I'd hate to cancel the card and open a new one.... that's one of the few positive things on my credit report that I'm desperately trying to fix.  I'll check with them and see what they can do.

 


Hi alyce,

 

Even if you close the card, it will remain a positive thing on your credit report - continuing to age and show your positive history for the next ten years.

If you don't close a joint card, the danger is that it will not remain a positive thing on your credit report - especially given that the other joint holder has a history of being evicted and you are worried about his running up other bills.  It's pretty vital that you close out joint accounts to protect yourself, your assets, and your credit history.  Check with the card issuer and see what they can do for you - but reduce your risk by taking yourself out of any joint situation possible.

Just puttin' syrup on something, don't make it pancakes.
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0errant
Posts: 30
Registered: ‎03-01-2011
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Re: Does it matter?

Close the card. My ex managed to get ahold of one of my cards, my name only, and bought $900 worth of new tires. I didn't find out about it until it was too late and ended up stuck with that debt. As for the car, the loan being in both of your names is only to his advantage, if you're paying on time. But make sure to switch the title over to your name only, it's that's possible.


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O6
Posts: 3,626
Registered: ‎10-13-2009
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Re: Does it matter?


alyce830 wrote:

First post.... I'm obviously very new to all this.  I don't even know my FICO score.  I just ordered one and got an error but my debit card was charged so I guess I'll wait.

   

So my divorce/credit question is.....does it matter if my soon to be ex-husbands name is still on some of my accounts.   We have a secured joint credit card that we opened a couple of months before we split up and his name is on my auto loan.... both of which I have possession of and am paying on time. 

  

Also we've been separated for over 7 months now.  Does anyone know if I can be held liable for debts he incurred since we split up?  He's been evicted from an apartment for not paying rent and I've been worried that will come back to haunt me.    Our divorce won't be final until sometime in March.

 

Any information or advice would be greatly appreciated.

 


 

Unfortunately, it does matter.  I'm sure that both you and your future ex-husband are very good people with the ability and desire to be responsible with your financial obligations, but we all know the now-famous statement by Forrest Gump:  Stuff happens!

 

Should something unfortunate happen and your spouse finds himself unable to meet his financial obligations, creditors can use that as an excuse to hike up your interest rates, reduce your credit limits or even close your accounts.  As a joint user, that may effect your credit also.  Auto loans generally have several acceleration clauses that can include scenarios other than simple nonpayment . 

 

Your liability for his financial mishaps prior to the issuance of a divorcxe decree depends a lot on state law.  As long as you are legally separated according to the laws in your state, you will probably be ok, but even then there can be major exceptions when it comes to medical or basic living expenses.  The most accurate advice will come from your divorce attorney.  One thing, however, to keep in mind is that no matter what your divorce decree states or the terms of your separation agreement, prior joint financial committments virtually never change. 

 

For example, if the terms of your divorce decree state that he is responsible for a joint credit account established prior to the date of the divorce decree, that in no way means the creditor cannot sue you over a default and obtain a judgment against you. 

IAALBNYL

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