I just got divorced and my score took a beating in the process. What can I do to raise my credit score? – Lara from Durham
There are many factors that can impact your credit score. But if you are looking to raise your credit score quickly, there are only two options that can really make a difference.
- Dispute – If there are legitimate inaccuracies that you can successfully dispute with proof and documentation, it can have a good effect on raising a credit score. This process, however, can take over 30 days, so it is quick, but not immediate. It is essential that you document everything during the process.
- Balance Management – If you have over 30% utilization on your credit cards, you could possibly positively impact your score by getting your balances below this threshold. This does, however, require access to cash to pay the balances down. Don’t forget to make sure that you are documenting everything.
Credit is complicated. It is a good idea to consult with a professional before making any moves to better understand the intricacies. While this can add incremental cost to the divorce, hiring an expert can help you plan, execute, and save money in the long run.
If you are considering divorce and have questions about how to get started with the process, reach out – we’re here to help, every step of the way.