Many financial institutions charge an application and processing fee in addition to an annual fee and high interest rates. Shop around if you decide a secured card would be helpful in reestablishing credit. How Divorce Can Affect Your Credit Even though a divorce decree specifies that your ex-spouse will be responsible for a certain credit account, if the account is a joint account and has your name on it, you are still legally responsible. A divorce decree does not relieve you from joint debts incurred while you were married. This includes credit cards, car loans, mortgages, etc.
Joint accounts mean joint liability.
When you obtained the credit, you and your spouse signed a contract promising to pay your bills. A divorce does not change that promise. If this situation applies to you, call your creditors and ask them to transfer your joint debt to the name of the person who will be responsible for making payments. Should the creditor agree, it is likely that you will both have to sign an agreement to release one of you from liability. Creditors do not have to agree.