How can you repair your credit after an foreclosure?
Me and my husband are going through some tough financial times and are looking at a possible foreclosure on a home we own in Florida. How can you repair your credit after an foreclosure?
Public Comments
- This is tough. Is there a possibility that you can file bankruptcy instead? In most bankruptcy cases you can keep your home. A foreclosure is more damaging than bankruptcy. It will take years to repair your credit. Try to save your house first.
- While I never did anything on the scale you are facing, I did mess up my credit pretty badly during my younger days after I lost my job and two credit cards were cancelled for non payment. A few years later I had my dad guarantee a loan I took out for a replacement car after my old one was stolen. After paying it off I had excellent credit again. If you are young you don't have much to worry about, your credit will eventually fix itself, if you are older it might be tougher in the medium term.
- pay all your other bills on time. get a better paying job to pay your house bill and dont go through the foreclosure.
- You can't. Unfortunately it's always on the credit report, at least for 7 years and many times 10 years All you can do is make your self a better risk to creditors by paying your bills on time and paying them off. You need to keep a small credit account somewhere, llike a store credit card, so you have a history of paying on credit. We claimed bankruptcy once and in 3 years after I had a mortgage for a condo. but that's only because I showed good experience paying all my bills after the bankruptcy. That bankruptcy stayed on my credit report for 10 years! This is the very same for forclosures...
- you have hope!..... my friend came from one of the "Big 3" credit companies.........he just finished an ebook than is going to shock people........his techniques are so helpful and they worked!
