How To Get Your Good Credit Back After Foreclosure
If you have gone through a foreclosure, then you may be worried that you are never going to be able to purchase a home again. However, this is not the case and you may be surprised at just how easy it can be for you to come back from a foreclosure to once again own your own home. This article will give you information on foreclosures and your credit score, as well as offer you tips on raising your score as quickly as possible.
How can a foreclosure affect your credit?
The bad news is a foreclosure is pretty bad on your credit score. Also, where some types of debts may never even make it on to your credit score, it's almost guaranteed that a foreclosure will show up. However, the good news is that a foreclosure may not bring down your credit score for nearly as long as you may think.
A foreclosure will stay on your credit for seven years. However, the negative impact that it has on your credit score will loosen up as time goes on. As long as you continue to add positive accounts on your credit report and make sure you are responsible with all your other financial accounts then it will be possible for you to obtain a good credit score even while that foreclosure is still listed on the report.
How to improve your credit score with a foreclosure on your report
If you currently have open credit card accounts then you want to make sure you keep them open and continue paying them on time. If you have too many open credit card accounts, then you may want to transfer the balances of some of your other cards onto one card. This way, you won't have to worry about keeping up with so many accounts.
When you decide to transfer the balance from some cards over to one, make sure you choose a card that offers you a great interest rate. This will actually help you to bring down your monthly credit card bills. Keep your balances on all credit cards to less than half and always pay more than the minimum amount due on time.
Check your credit report regularly by joining a credit monitoring service. Make sure you dispute anything on the report that isn't correct. This includes everything from false addresses and phone numbers to duplicate accounts, false accounts, incorrect balances and anything else that's wrong.
Now that you have a better understanding of how you can come back from a foreclosure, you will feel better about your chances of being a home owner once again. If you need help dealing with a foreclosure, contact an attorney, like Jeffrey S Arnold Attorney At Law P.C.