One thing likely to change drastically is your financial life. If you are recently divorced, separated or widowed, there are several things that you should know about credit. This fact sheet discusses obtaining credit in your own name, protecting your credit history, and using credit wisely. If you've never established credit in your name alone, now is the time to apply.
Credit can be an important financial management tool if used responsibly.
When you apply for credit, a lender will consider the information on your credit application and check with a credit bureau to learn more about your credit history. Even though you've never had an individual credit account, if you had a joint credit account with your spouse, or if you were authorized to use your spouse's individual account, you should have a credit history. Potential lenders get a copy of your credit report to see if you have paid bills on time, determine how much credit you already have, and look for any negative information in your credit file such as a bankruptcy, property lien, judgement, charge-offs, accounts turned over to credit collection agencies and other similar information. If you are denied credit based on information in your credit report, you'll receive a letter from the creditor with the name of the credit bureau that provided your credit history. This entitles you to a free copy of your credit report if requested within 60 days of the denial.