Protect Your Credit Score by Closing Out Joint Accounts

As a single parent, it's important that you protect and preserve all of your assets. One way to do this is to close out any joint credit accounts you once shared with your ex, so that you can not be held accountable for paying off newly charged purchases. Cathy Meyer, About.com's Guide to Divorce Support, provides step-by-step instructions for preserving your credit score in the article How To Keep Divorce From Ruining Your Credit. While the article is written specifically with divorcing couples in mind, the information is critical for anyone who has ever shared credit, checking, or saving accounts with another person, whether married or unmarried.

Among other things, Cathy recommends that you:

• Close joint accounts
• Put a freeze any accounts you cannot close at this time
• Contact your creditors and provide the most up-to-date contact information

This is crucial because creditors really only care that they get paid. For example, let's say you are not receiving bills any longer because you have moved, but your name is still on a credit card account you once shared with your ex. What happens if he or she stops paying the monthly bills altogether, or - even worse - intentionally racks up additional charges? The credit card company, in an effort to recoup their loss, can hold you accountable for purchases made by the other person as long as your name is still on the account. So if you haven't done so already, start taking the necessary steps to protect your credit score today.