When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?

Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled.  Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold.

A: Going through a divorce can wreak havoc on credit scores, as you have experienced.   Placing a note on the credit report will not help you at all.  It actually can hurt our ability to improve your credit scores if you were to hire us for credit repair.  The only thing a note will do is explain that you were having financial issues due to a divorce and that is why you have delinquencies.  The score does not care why you were delinquent and will stay low with or without the note.  Fortunately, credit scores are never terminal, so there is always a light at the end of the tunnel.  If you are in the process of a possible short sale, it would be a good idea for you to have a credit review so that you can decide the best course of action once the short sale is completed.  You can email me your credit reports tracy@northshoreadvisory.com or call us North Shore Advisory, Inc. 914-524-8300 to find out how to order the reports.  Once we evaluate the reports, we can tell you if we can help or at least give you some helpful feedback.