Just Divorced -- Need Help [looking for new credit card]

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
BetaMax
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Just Divorced -- Need Help [looking for new credit card]

Post by BetaMax » Thu Oct 11, 2018 3:10 pm

My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!

Dottie57
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Re: Just Divorced -- Need Help

Post by Dottie57 » Thu Oct 11, 2018 3:14 pm

I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Thu Oct 11, 2018 3:19 pm

Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
That is something divorce attorneys have figured out -- and how they "earn" their fees.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Thu Oct 11, 2018 3:21 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?
In a perfect world, I'd prefer the card have
*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital
Thank you for all your help!
1. One alternative is to just make payments to the existing cards in the amounts you can afford.

2. I suspect that your credit score dropped because the cards for which you were both obligated had balances run up by your ex AND she did not make payments.

One lesson here for others is to know fully and exactly which obligations you have (even jointly) and make 100% sure they are paid on time.

Dottie57
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Re: Just Divorced -- Need Help

Post by Dottie57 » Thu Oct 11, 2018 3:24 pm

dm200 wrote:
Thu Oct 11, 2018 3:19 pm
Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
That is something divorce attorneys have figured out -- and how they "earn" their fees.
I had a co-worker whose husband did the max out card thing. The reason for the divorce was illegal drugs used by husband. I guess he was mad the free ride was coming to a halt.

barnaclebob
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Re: Just Divorced -- Need Help

Post by barnaclebob » Thu Oct 11, 2018 3:26 pm

Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
We don't know the whole story. You'd have to see the whole list of how assets and liabilities were divided to decide if it was fair or not. Also at some point don't you file for separation or something like that to essentially "freeze" the financial picture? You'd also need to know those details.

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vineviz
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Re: Just Divorced -- Need Help

Post by vineviz » Thu Oct 11, 2018 3:27 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!
Nerd Wallet usually has a pretty good rundown of cards that are good for different scenarios.

https://www.nerdwallet.com/the-best-cre ... y=hpbestcc
"Far more money has been lost by investors preparing for corrections than has been lost in corrections themselves." ~~ Peter Lynch

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Thu Oct 11, 2018 3:28 pm

I suspect that the credit score drop was not the simple result of the divorce, but rather the OP did not pay his legally obligated credit card bills.

Nate79
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Re: Just Divorced -- Need Help

Post by Nate79 » Thu Oct 11, 2018 3:31 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!
Who cares about your credit. You should be concerned about paying off the debt.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Thu Oct 11, 2018 3:32 pm

Nate79 wrote:
Thu Oct 11, 2018 3:31 pm
BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!
Who cares about your credit. You should be concerned about paying off the debt.
Pay off the obligations, and the credit will improve - over time.

BetaMax
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Re: Just Divorced -- Need Help

Post by BetaMax » Thu Oct 11, 2018 3:34 pm

I don't care about my credit. I want to consolidate my debt at 0% until my bonus in March. I just was hoping for recommendations on credit cards I could transfer a balance to.

sailaway
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Re: Just Divorced -- Need Help

Post by sailaway » Thu Oct 11, 2018 3:37 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!
Balance transfers usually don't count for rewards, especially 0% transfers.

Given how credit cards credit payments, you should usually not be using a card that you are simultaneously paying down. Not sure it actually matters for 0% though.

If you are worried about how your card looks, you are probably using it too much.

DesertDiva
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Re: Just Divorced -- Need Help

Post by DesertDiva » Thu Oct 11, 2018 3:40 pm

You might want to check with Capital One.
BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
*look freaking cool
This should be your LAST priority
♫ Stocks go up ♫ Stocks go down ♫ Stocks go up ♫ Stocks go down ♫ - Second verse same as the first

BetaMax
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Re: Just Divorced -- Need Help

Post by BetaMax » Thu Oct 11, 2018 3:42 pm

Why is this so difficult to get a recommendation?

I want to consolidate my debt.

ellvizzle
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Re: Just Divorced -- Need Help

Post by ellvizzle » Thu Oct 11, 2018 3:50 pm

Might want to take a look at Chase Slate credit card -- 60 day introductory balance transfer (so, no fee on the transfer if you do it in time) then 0% APR for 15 mo. on said balance transfers.

yakk0
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Re: Just Divorced -- Need Help

Post by yakk0 » Thu Oct 11, 2018 4:11 pm

Take a look at the Wells Fargo Business Platinum. It's 1.5% cashback and currently has a $500 bonus after you spend $5000. They have 0% on purchases and balance transfers for 9 months. I believe you need a checking relationship with WF for 1 year or you cannot apply online. However, many people have been successful opening a Business checking account in person and applying for the card at the same time. DoctorofCredit.com is a great resource for credit card info btw. Best of luck!

Jags4186
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Re: Just Divorced -- Need Help

Post by Jags4186 » Thu Oct 11, 2018 4:14 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!
Hi. Good balance transfer cards generally do not have rewards.

The two best balance transfer cards are Chase Slate and Citi Simplicity. You do not want to use these cards once you transfer the balances to them, you should pay them off as aggressively as possible. Consider how much debt you have and how long it will take to pay off. For example if you have $30,000 of debt and you can pay it off in 15 months, you may be able to get both cards with a $15,000 limit move the debt equally to both cards and be on your merry way. If you have $15,000 debt and it will take you 24 months to pay off you should open 1 card and pay it off as aggressively as possible, then open the second card when the first cards intro period is set to expire.

truenorth418
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Re: Just Divorced -- Need Help

Post by truenorth418 » Thu Oct 11, 2018 4:25 pm

Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
I’ve said it before, I’ll say it again.

As anyone who has been through a divorce can tell you, at it’s core marriage is a legal contract between 2 people and their local, state and federal governments; this contract has significant tax and personal finance implications; some of the implications are good, some are bad, all depending on the circumstances of the individuals signing the contract; and, as in any contract, if you don’t sit down with a lawyer and understand the implications of the contract you are signing, you are asking for trouble.

THY4373
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Re: Just Divorced -- Need Help

Post by THY4373 » Thu Oct 11, 2018 4:31 pm

You would probably get better answers over on creditboards or some other forum that specializes in cc debt and credit issues than you will here. In addition to interest you need to pay attention to any balance transfer fee. These are often on the order or 4% or more paid upfront even if the interest is 0% for some period of time. Also as others have noted you won't get any points for balance transfers and the cards best for balance transfers are unlikely to be travel cards. Unfortunately this is not an area I explore much with CCs so I cannot offer a specific recommendation other than to ask at creditboards and do some research.

Broken Man 1999
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Re: Just Divorced -- Need Help

Post by Broken Man 1999 » Thu Oct 11, 2018 4:32 pm

ellvizzle wrote:
Thu Oct 11, 2018 3:50 pm
Might want to take a look at Chase Slate credit card -- 60 day introductory balance transfer (so, no fee on the transfer if you do it in time) then 0% APR for 15 mo. on said balance transfers.
I did this (balance transfer) on a Chase Slate card last year to delay payment on some unexpected home expenses. I had the money, but every $$$ I spend must come from a tax-deferred account, with the taxes due.

I have worked it down during the term and will just pay the balance now. I am always worrying about hitting the next tax bracket, but this year has produced fewer expenses than I had expected.

Be very aware that some cards will nail you if you add another $ to the initial balance transfer. Ask me how I know this! :oops:

I inadvertently set up a recurring charge for the Amazon kids stuff with my Discover card. So the 99cents/month charge destroyed a balance transfer. No big deal, but it makes me very cautious that I don't run afoul the credit card's rules.

I think using a balance transfer gives a person a way to "smooth" out spending, and facilitates not having a dedicated emergency fund with a typical low interest rate earned.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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Mlm
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Re: Just Divorced -- Need Help

Post by Mlm » Thu Oct 11, 2018 4:38 pm

Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
It's pretty easy to understand. It's the net received that matters.

A) gets $300 (assets) and $50 in debt = $250
B) gets $250 (assets) = $250

but A gets to complain that they got all the debt
and B gets to complain that A got more assets

WanderingDoc
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Re: Just Divorced -- Need Help

Post by WanderingDoc » Thu Oct 11, 2018 4:42 pm

truenorth418 wrote:
Thu Oct 11, 2018 4:25 pm
Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
I’ve said it before, I’ll say it again.

As anyone who has been through a divorce can tell you, at it’s core marriage is a legal contract between 2 people and their local, state and federal governments; this contract has significant tax and personal finance implications; some of the implications are good, some are bad, all depending on the circumstances of the individuals signing the contract; and, as in any contract, if you don’t sit down with a lawyer and understand the implications of the contract you are signing, you are asking for trouble.
This. Don't let anyone (your girlfriend, parents, or society) pressure you into doing something you know deep down is wrong, or not in your best interest. Do your research, talk to a lot of people, and look at the statistics. Hire a private investigator. Sit down with at least 2 lawyers (and probably an accountant). Then decide whether this legal contract is really for you.
Don't wait to buy real estate. Buy real estate, and wait. | Rent where you live, buy where others pay your mortgage for you.

Big Dog
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Re: Just Divorced -- Need Help

Post by Big Dog » Thu Oct 11, 2018 4:49 pm

I'd be looking for the lowest interest rates until March.

simas
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Re: Just Divorced -- Need Help

Post by simas » Thu Oct 11, 2018 4:52 pm

BetaMax wrote:
Thu Oct 11, 2018 3:42 pm
Why is this so difficult to get a recommendation?

I want to consolidate my debt.
the issue you have is that you are already bad credit risk (according to your words about the credit score) and can not be too picky here. pretty much anyone who can offer you some terms you can accept would work - I do not know if the world is full of people running to offer you 0% interest if you are already in the 600 credit score category. you may find that you can not find any balance transfer for anything less than double digits..



Also, forget about this stuff below - it is irrelevant what it is or isn't working with, how it looks, etc.
"
*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital
"

what matters
- how much debt do you now have? what are they rates?
- when do you expect to pay it off? can you sell assets to pay it off? income?

you are facing a problem. solve it.

megabad
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Re: Just Divorced -- Need Help

Post by megabad » Thu Oct 11, 2018 4:55 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!
I am sorry for the rough post marriage situation.

Most balance transfer cards typically require credit approaching or over 700. There are exceptions to the rules though so I would check out some of the good suggestions above and on Nerdwallet. Citi usually runs a 0% offer for 12-18 months on at least 2 cards at a time.

At your current credit score, I suspect if you need to consolidate for the long term, you will be better off with using secured debt to payoff the loans (401k loan, HEL, HELOC, auto loan). Or you could utilize personal loans through the crowd financing platforms or credit unions. None of these options will be 0% though but I would imagine all of them will be at much lower rates than your credit card debt.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Thu Oct 11, 2018 5:03 pm

truenorth418 wrote:
Thu Oct 11, 2018 4:25 pm
Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
I’ve said it before, I’ll say it again.
As anyone who has been through a divorce can tell you, at it’s core marriage is a legal contract between 2 people and their local, state and federal governments; this contract has significant tax and personal finance implications; some of the implications are good, some are bad, all depending on the circumstances of the individuals signing the contract; and, as in any contract, if you don’t sit down with a lawyer and understand the implications of the contract you are signing, you are asking for trouble.
The other, often misunderstood, fact about divorce, debts, judges and property settlements is that a property settlement (approved by a judge) does NOT override the legal obligation of a debt. So, for example, John and Mary have a joint (both contractually obligated) loan with a balance of $20,000 to a credit union. A part of a judge approved property settlement says that Mary is obligated for this $20,000. Mary doesn't pay the credit union and the credit union goes after John. John is still contractually obligated to the credit union.

LiterallyIronic
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Re: Just Divorced -- Need Help

Post by LiterallyIronic » Thu Oct 11, 2018 5:18 pm

WanderingDoc wrote:
Thu Oct 11, 2018 4:42 pm
truenorth418 wrote:
Thu Oct 11, 2018 4:25 pm
Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
I’ve said it before, I’ll say it again.

As anyone who has been through a divorce can tell you, at it’s core marriage is a legal contract between 2 people and their local, state and federal governments; this contract has significant tax and personal finance implications; some of the implications are good, some are bad, all depending on the circumstances of the individuals signing the contract; and, as in any contract, if you don’t sit down with a lawyer and understand the implications of the contract you are signing, you are asking for trouble.
Do your research, talk to a lot of people, and look at the statistics. Hire a private investigator. Sit down with at least 2 lawyers (and probably an accountant). Then decide whether this legal contract is really for you.
This seems like such a jaded view, and I say this as a very jaded person myself.

WanderingDoc
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Re: Just Divorced -- Need Help

Post by WanderingDoc » Thu Oct 11, 2018 5:49 pm

LiterallyIronic wrote:
Thu Oct 11, 2018 5:18 pm
WanderingDoc wrote:
Thu Oct 11, 2018 4:42 pm
truenorth418 wrote:
Thu Oct 11, 2018 4:25 pm
Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
I’ve said it before, I’ll say it again.

As anyone who has been through a divorce can tell you, at it’s core marriage is a legal contract between 2 people and their local, state and federal governments; this contract has significant tax and personal finance implications; some of the implications are good, some are bad, all depending on the circumstances of the individuals signing the contract; and, as in any contract, if you don’t sit down with a lawyer and understand the implications of the contract you are signing, you are asking for trouble.
Do your research, talk to a lot of people, and look at the statistics. Hire a private investigator. Sit down with at least 2 lawyers (and probably an accountant). Then decide whether this legal contract is really for you.
This seems like such a jaded view, and I say this as a very jaded person myself.
Jaded, or aware/awake? This is coming from someone who has benefited tremendously from/with the opposite sex, learned a ton, and had many amazing experiences. The writing is on the wall and has been for the better part of two decades. Having your eyes wide open and accepting reality for what it is, not what you think it ought to be, is one of the greatest pleasures in life. :D
Don't wait to buy real estate. Buy real estate, and wait. | Rent where you live, buy where others pay your mortgage for you.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Thu Oct 11, 2018 5:54 pm

From observation - I have seen some strange, probably unanticipated, divorce - property settlement - "situations".

Husband and wife - both professionals for local government entities. Both had defined benefit pensions as part of job. Husband was, probably, a bit better off. Get divorced. Wife retires early on disability. Husband gets a part of her monthly check - even though he continues a good paying job and has not retired. She struggles financially - with a diminished income. Eventually, when he finally retires, she will get part of his retirement - but until then ...

truenorth418
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Re: Just Divorced -- Need Help

Post by truenorth418 » Fri Oct 12, 2018 3:12 am

LiterallyIronic wrote:
Thu Oct 11, 2018 5:18 pm
WanderingDoc wrote:
Thu Oct 11, 2018 4:42 pm
truenorth418 wrote:
Thu Oct 11, 2018 4:25 pm
Dottie57 wrote:
Thu Oct 11, 2018 3:14 pm
I can never quite understand how the debt one spouse creates can be the responsibility of the other spouse in a divorce.
I’ve said it before, I’ll say it again.

As anyone who has been through a divorce can tell you, at it’s core marriage is a legal contract between 2 people and their local, state and federal governments; this contract has significant tax and personal finance implications; some of the implications are good, some are bad, all depending on the circumstances of the individuals signing the contract; and, as in any contract, if you don’t sit down with a lawyer and understand the implications of the contract you are signing, you are asking for trouble.
Do your research, talk to a lot of people, and look at the statistics. Hire a private investigator. Sit down with at least 2 lawyers (and probably an accountant). Then decide whether this legal contract is really for you.
This seems like such a jaded view, and I say this as a very jaded person myself.
The jaded person is the one that closes their eyes to the financial implications of a potential divorce. A divorce can be financially devastating, often for decades after the marriage ended. Divorce is very common today - the divorce rate is still almost 50% of marriages. Why not acknowledge and address the risks of something which is so common and often financially devastating?

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8foot7
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Re: Just Divorced -- Need Help

Post by 8foot7 » Fri Oct 12, 2018 6:29 am

As my divorce attorney said, divorce settlements are supposed to be equitable, but not necessarily equal. I doubt very much most divorces are split exactly down the middle, and assets can come in all forms, liquid, illiquid, taxable, pre-tax.

A divorce is a hugely negative event, and much of the time it is like dropping a nuclear bomb on your finances.

LiterallyIronic
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Re: Just Divorced -- Need Help

Post by LiterallyIronic » Fri Oct 12, 2018 10:28 am

truenorth418 wrote:
Fri Oct 12, 2018 3:12 am
The jaded person is the one that closes their eyes to the financial implications of a potential divorce. A divorce can be financially devastating, often for decades after the marriage ended. Divorce is very common today - the divorce rate is still almost 50% of marriages. Why not acknowledge and address the risks of something which is so common and often financially devastating?
https://www.nytimes.com/2014/12/02/upsh ... es-on.html

Divorce rates peaked in the 1980s and have been falling ever since. "Of college-educated people who married in the early 2000s, only about 11 percent divorced by their seventh anniversary, the last year for which data is available. Among people without college degrees, 17 percent were divorced." That's a far cry from 50%. I'm not divorced. None of my four siblings that got married have divorced. None of my wife's six siblings who got married have divorced (though one's spouse is in jail). None of my parent's siblings, nor my wife's parent's siblings have divorced. I can't even think of someone who is divorced.

If you're going into the marriage hiring private investigators, multiple attorneys, and an accountant, then I would say you obviously don't trust the person you're marrying and therefore shouldn't marry them (yet). I'm not saying a marriage can't go south, but if you don't trust them at the start, why are you even starting?

moehoward
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Re: Just Divorced -- Need Help

Post by moehoward » Fri Oct 12, 2018 10:32 am

simas wrote:
Thu Oct 11, 2018 4:52 pm
BetaMax wrote:
Thu Oct 11, 2018 3:42 pm
Why is this so difficult to get a recommendation?

I want to consolidate my debt.
the issue you have is that you are already bad credit risk (according to your words about the credit score) and can not be too picky here. pretty much anyone who can offer you some terms you can accept would work - I do not know if the world is full of people running to offer you 0% interest if you are already in the 600 credit score category. you may find that you can not find any balance transfer for anything less than double digits..



Also, forget about this stuff below - it is irrelevant what it is or isn't working with, how it looks, etc.
"
*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital
"

what matters
- how much debt do you now have? what are they rates?
- when do you expect to pay it off? can you sell assets to pay it off? income?

you are facing a problem. solve it.
You just gave him a grownup answer, I hope he listens.

Loik098
Posts: 644
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Re: Just Divorced -- Need Help

Post by Loik098 » Fri Oct 12, 2018 10:57 am

LiterallyIronic wrote:
Fri Oct 12, 2018 10:28 am

https://www.nytimes.com/2014/12/02/upsh ... es-on.html

Divorce rates peaked in the 1980s and have been falling ever since. "Of college-educated people who married in the early 2000s, only about 11 percent divorced by their seventh anniversary, the last year for which data is available. Among people without college degrees, 17 percent were divorced." That's a far cry from 50%. I'm not divorced. None of my four siblings that got married have divorced. None of my wife's six siblings who got married have divorced (though one's spouse is in jail). None of my parent's siblings, nor my wife's parent's siblings have divorced. I can't even think of someone who is divorced.
I know a lot of divorced people, but my own observations (and yours) don't mean much of anything.

As a counterpoint, there's this: https://www.psychologytoday.com/us/blog ... ate-really

This article claims, among other things, a huge increase in the divorce rate of older adults, something the NYT article you quoted doesn't even touch. The article also discusses continued controversy over what the rate actually is, how to even define it, and just how much of what researchers claim is merely guesswork/predictions. One of the other takeaways to think about: "There is also little controversy about one particular group – the Baby Boomers. They continue to divorce at a high rate. The younger generations do not seem to be divorcing at the same rate. But of course, there’s still time, and if they live longer, they will have even more opportunities to divorce than their elders."

I guess the important thing to take away from this discussion is that divorce still happens, and does so (unfortunately) for far too many people.

OP, my condolences and best wishes for your road ahead. In addition to the recs above, you might also take a look at the "Amex Everyday, 25k 0% APR with $0 BT fee for 15 months" offer to see if you can pull the offer, if it's indeed still out there: https://www.doctorofcredit.com/amex-eve ... -0-bt-fee/
Last edited by Loik098 on Fri Oct 12, 2018 11:15 am, edited 1 time in total.

WhiteMaxima
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Re: Just Divorced -- Need Help

Post by WhiteMaxima » Fri Oct 12, 2018 11:09 am

pay down your debt 1st even you have to eat cat food. once you debt become zero, your credit score will be high again.

mouses
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Re: Just Divorced -- Need Help

Post by mouses » Fri Oct 12, 2018 11:27 am

I haven't had time to read all the responses, but if your credit is lousy can you even get a decent card? Probably should have applied for one before the divorce financials were finalized, assuming your credit was good before this.

If the ex-wife was running up bills she didn't pay, I guess you could put an explanation on your credit report.

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FelixTheCat
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Re: Just Divorced -- Need Help

Post by FelixTheCat » Fri Oct 12, 2018 11:27 am

Do the Dave Ramsey credit card snowball plan.
Felix is a wonderful, wonderful cat.

mouses
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Re: Just Divorced -- Need Help

Post by mouses » Fri Oct 12, 2018 11:30 am

WhiteMaxima wrote:
Fri Oct 12, 2018 11:09 am
pay down your debt 1st even you have to eat cat food. once you debt become zero, your credit score will be high again.
I don't know where the rumor that cat food was a cheap food for humans got started. People are better off eating rice and beans, nutritious and cheaper.

WhiteMaxima
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Re: Just Divorced -- Need Help

Post by WhiteMaxima » Fri Oct 12, 2018 11:38 am

the 0% credit card is just delay of debt payment, it won't solve your debt problem. Actually 0% will worsen people's debt situation. The only way is to out of debt quickly by cutting spending or even get a 2nd job.

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8foot7
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Re: Just Divorced -- Need Help

Post by 8foot7 » Fri Oct 12, 2018 11:58 am

WhiteMaxima wrote:
Fri Oct 12, 2018 11:38 am
the 0% credit card is just delay of debt, it won't solve your debt problem. Actually 0% will worsen peoople's debt situation. The only way is to out of debt quickly by cutting spending or even get a 2nd job.
This.

The 0% card alone won't solve your problem unless you can 1) transfer every bit of your debt to it and 2) pay it off entirely with your current income before the 0% period ends. Otherwise you still incur interest on other debt and you've made no progress reducing principal, just prolonging your situation.

The 0% card can be a tool along with a second job, some extra income, sale of valuable things with proceeds applied toward debt, etc. to get you where you're going faster, but use it in conjunction with additional income unless you can satisfy the two conditions above.

Darth Xanadu
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Re: Just Divorced -- Need Help

Post by Darth Xanadu » Fri Oct 12, 2018 12:14 pm

While these comments are true, OP did state the he would be getting a bonus in March and would (presumably) pay off the debt then. So the 0% is really to bridge the gap.
"A courageous teacher, failure is."

Onion
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Re: Just Divorced -- Need Help

Post by Onion » Fri Oct 12, 2018 1:10 pm

BetaMax wrote:
Thu Oct 11, 2018 3:34 pm
I don't care about my credit. I want to consolidate my debt at 0% until my bonus in March. I just was hoping for recommendations on credit cards I could transfer a balance to.
1.) Google will be more helpful because you're going to have to apply.
2.) A quick search shows that Wells Fargo has a 0% balance transfer card for 18 months for those with "good" credit. A 3% fee applies so do the math to see if it makes financial sense.
3.) For someone who is disciplined and looking to consolidate, these cards can be a useful tool.

JStephens
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Re: Just Divorced -- Need Help

Post by JStephens » Fri Oct 12, 2018 1:56 pm

If you transfer a balance onto a card, you don't want to use that card for normal purchases. The normal purchases won't have the grace period so you'll be paying the 25% interest on all purchases you makes until the whole card has a $0 balance (which will be never if you're making purchases on it).

Chase Slate is usually the best one since it doesn't have a transfer fee and is 15-18 months.
Last edited by JStephens on Fri Oct 12, 2018 3:17 pm, edited 1 time in total.

texasdiver
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Re: Just Divorced -- Need Help

Post by texasdiver » Fri Oct 12, 2018 2:25 pm

You don't want a card that "Looks really freaking cool"

You want the ugliest card you can find, one that you are just embarrased to pull out in public.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Fri Oct 12, 2018 2:28 pm

Unlike a few years ago, it can be more of a challenge to be approved for a credit card when you have large balances already AND a poor credit history/score.

grokzilla
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Re: Just Divorced -- Need Help

Post by grokzilla » Fri Oct 12, 2018 3:08 pm

Loik098 wrote:
Fri Oct 12, 2018 10:57 am
LiterallyIronic wrote:
Fri Oct 12, 2018 10:28 am

https://www.nytimes.com/2014/12/02/upsh ... es-on.html

Divorce rates peaked in the 1980s and have been falling ever since. "Of college-educated people who married in the early 2000s, only about 11 percent divorced by their seventh anniversary, the last year for which data is available. Among people without college degrees, 17 percent were divorced." That's a far cry from 50%. I'm not divorced. None of my four siblings that got married have divorced. None of my wife's six siblings who got married have divorced (though one's spouse is in jail). None of my parent's siblings, nor my wife's parent's siblings have divorced. I can't even think of someone who is divorced.
I know a lot of divorced people, but my own observations (and yours) don't mean much of anything.

As a counterpoint, there's this: https://www.psychologytoday.com/us/blog ... ate-really

This article claims, among other things, a huge increase in the divorce rate of older adults, something the NYT article you quoted doesn't even touch. The article also discusses continued controversy over what the rate actually is, how to even define it, and just how much of what researchers claim is merely guesswork/predictions. One of the other takeaways to think about: "There is also little controversy about one particular group – the Baby Boomers. They continue to divorce at a high rate. The younger generations do not seem to be divorcing at the same rate. But of course, there’s still time, and if they live longer, they will have even more opportunities to divorce than their elders."

I guess the important thing to take away from this discussion is that divorce still happens, and does so (unfortunately) for far too many people.

OP, my condolences and best wishes for your road ahead. In addition to the recs above, you might also take a look at the "Amex Everyday, 25k 0% APR with $0 BT fee for 15 months" offer to see if you can pull the offer, if it's indeed still out there: https://www.doctorofcredit.com/amex-eve ... -0-bt-fee/
The divorce rate in the US is actually plummeting and it's largely being attributed to the Gen X and Millennial generations simply getting married later in life when they are more educated and established -- professionally, financially, emotionally/maturity, etc. Further, the rate of the decrease in the divorce rate is increasing.

It's been all over the news for the last month.

The only thing preventing the rate from decreasing faster is the incredibly high divorce rate amongst those 65 and older. The Boomers have really struggled in this regard for their entire lives. There is no indication that the divorce rate will increase with the younger generations as they age...their trend lines are already different from the boom generation -- only time will tell where they land.

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dm200
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Re: Just Divorced -- Need Help

Post by dm200 » Fri Oct 12, 2018 3:10 pm

Yes - lots of folks (my observation) are just not getting married - and you cannot get divorced if you are not married.

The increase in marriage (my observation) is same sex couples - now that it is allowed. DW and I attended our first such wedding a year ago.

BeneIRA
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Re: Just Divorced -- Need Help

Post by BeneIRA » Fri Oct 12, 2018 3:20 pm

Go incognito on your browser. Go to americanexpress.com and then check out the Amex Everyday and see if you get the 25,000 bonus point offer with a 0% balance transfer for 12 months. It fits your needs and Amex will approve just about anyone. If you don't get it, clear your cookies and/or try another browser, close everything out, go incognito again, and see if it pops up for you. That solves at least some of your issue.

TropikThunder
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Re: Just Divorced -- Need Help

Post by TropikThunder » Fri Oct 12, 2018 7:01 pm

BeneIRA wrote:
Fri Oct 12, 2018 3:20 pm
Go incognito on your browser. Go to americanexpress.com and then check out the Amex Everyday and see if you get the 25,000 bonus point offer with a 0% balance transfer for 12 months. It fits your needs and Amex will approve just about anyone. If you don't get it, clear your cookies and/or try another browser, close everything out, go incognito again, and see if it pops up for you. That solves at least some of your issue.
I think you mean use a VPN rather than incognito. At least for Chrome, incognito doesn't necessarily shield your IP address from the web site you're visiting (it just keeps your activity from showing up in your browser history or cookies).
'Your activity might still be visible to:
Websites you visit
Your employer or school
Your internet service provider'

sksbog
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Re: Just Divorced -- Need Help

Post by sksbog » Fri Oct 12, 2018 7:08 pm

BetaMax wrote:
Thu Oct 11, 2018 3:10 pm
My credit went from near perfect to mid 600s due to my divorce. I was awarded all of my ex-wife's credit card debt she racked up while we were separated. What is the best all around credit card I can transfer the balances to as I work to repair my credit?

In a perfect world, I'd prefer the card have

*at least 0% interest on balance transfers
*rewards for travel or cash back
*look freaking cool
*works with Personal Capital

Thank you for all your help!

Two or three months ago, money magazine has an article about best credit cards for different lifestyles.
Go to your local library and look it up.

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