Courts Recognize Importance Of High Credit Scores – Do You?

MoneyTips

How important is your credit score? It doesn't generally affect your daily life but ignoring your credit score can cause serious financial problems.

Are you unconvinced? Consider the case of Cameron v. Cameron.

The New Jersey case concerns a divorce settlement where the wife would keep the home. The home had an outstanding mortgage in both names, so the husband made arrangements to transfer his interest in the home to the wife, once the wife refinanced in her name only – removing the husband from responsibility. The wife had nine months from the date of the settlement to comply.

The wife didn't follow through on her refinancing obligation, and the husband didn't bother to enforce it. However, the husband didn't realize that his credit was affected by still being listed as a co-owner on the home.

Two years later, the husband applied for a mortgage loan on a new home and discovered that he couldn't get a favorable interest rate because of his re...

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