There are several actions you can take to rebuild your credit score after divorce.
1. Locate a cosigner for loans
Your chance of winning a lender's approval may increase if you find a cosigner willing to place their name on the loan alongside yours. As long as the cosigner has great credit, your application is likely to be approved.
2. Obtain a secured credit card
Little by little, even small steps can help boost your credit score. It may make sense for you to obtain a secured credit card with a low limit. If you make a few small purchases on the card every month, your credit score will start climbing (as long as you pay off the card in full each month). After six months of making timely payments on a secured credit card, you may be able to advance to an unsecured credit card.
3. Maintain a consistent payment history
Your payment history contributes heavily to your credit score. In fact, this single factor comprises 35% of your score. Unfortunately, a single late payment could drop your score significantly. Making payments on time can help increase your score each month. Repairing your credit following a divorce can seem daunting, but it's definitely doable. By taking a measured approach, you can start repairing and rebuilding your credit in next to no time.