Thoughts

EconomistVisible2767 · 2024-12-16T15:51:30+00:00

I put half on cards, half on a signature loan. I had plenty of stock but it was frozen. I had three cards all zero balances.

My score went from 820-ish down to low 600s. I got a signature loan right around 750 with a 4.8% loan (2% prime at the time). That helped. The rest went on cards. I was also (barely) funding my kid's college at the time.

Never had a late payment. FICO dropped the score so dramatically only because of a running balance spike. I guess going from $0 to $30k is too much for the algorithm.

One card dropped my limit from 10k to $500. And that compounded the problem. $250 on that card looked like 50% usage. FICO is pretty messed up.

Lawyer said it's typical for a sharp credit drop during divorce.

Wife took a loan against her 401k without telling me. I never got the opportunity to tell the judge. It gave her deeper pockets to make it easier for her to cause problems.

I paid it all off with a stock sale immediately after divorce. Score popped right back up. But it took months.

Plan ahead if you think you'll come out the other side as a renter. Or you need to finance a car. Or...

Faceater25 · 2024-12-16T03:25:09+00:00

We pretty much agreed on everything so we did mediation with a lawyer.

It made everything far more affordable. We just paid the lawyer we both had.

Instead of i the man paying my lawyer fee and then her lawyer fee.

But if she is a psycho narcissistic demon have your own lawyer.

Watch out for alimony and make sure your retirement fund is safe.

If you are going to be debt free with the sale of the house and the cars paid off you should be good then.

Unusual_University14 · 2024-12-16T03:10:29+00:00

I pay mine every month in full, one of the few bills I pay first.

This is one bill you don't want to rack up, especially in a contentious divorce, as it only ends in bankruptcy.

Title	Thoughts
Author	Own-Pack4965
Upvotes	2
Comments	8
Date	December 16, 2024 2:43 AM UTC (1 year ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/1hf9afw/thoughts/
Archive Link	https://theredarchive.com/r/Divorce_Men/thoughts.1538621 https://theredarchive.com/post/1538621

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