How stay-at-home moms build credit after a divorce

Stay-at-home moms play an invaluable role in society. While you may have relied on your husband to provide financial support, you also worked hard during your marriage to raise good kids and take care of the house. Unfortunately, though, you may have discovered that you have virtually no credit. 

Building credit is important for a variety of reasons. Put simply, if you want to secure financial freedom, your credit score matters. While starting from scratch may seem daunting, developing a solid credit history may be easier than you think. Here are some tips for building credit after a divorce: 

• Find your starting point

  If you want to establish creditworthiness, you need to know where you stand. Three reporting bureaus track credit, and each one must give you a free copy of your credit report every year at your request. Before you start on your path to building good credit, obtain and review a copy of your credit report. 

• Open your own accounts

  As a stay-at-home mom, you may not have had any of your own accounts. Alternatively, you may have joint accounts you owned with your husband. Either way, open your own checking, savings and credit accounts. Then, close joint accounts or remove your name from them. After all, you do not want to be responsible for your former spouse’s poor spending habits. 

• Prepare a budget

  You may have to adopt a different standard of living after your divorce. Still, you should try not to spend more than you earn. Accordingly, prepare a budget, and stick to it. If you can, put some funds into a savings account every month to help with unexpected expenses. 

• Have some fun

  Finally, you should not be too hard on yourself. If you constantly worry about bills, you may miss out on much of the joy that comes from moving on after a divorce. Therefore, think about creating an activities account for unnecessary items that make you happy. 

If you have chosen to end an unhappy marriage, the world is your oyster. Still, you want to work toward a secure financial future. Building good credit is an effective way to get there.