Yes, your credit can bounce back!
Saturday, January 16, 2010 | Add a comment
Getting your financial footing after a foreclosure takes time and requires responsible behavior, but you won’t have to wear the scarlet “F” forever. A foreclosure will remain on your credit report for seven years, but you can start to improve your credit score now.
Learn good habits. “Most lenders want to see two years of positive credit behavior,” says Gail Cunningham of the National Foundation for Credit Counseling. So don’t fall for quick-fix credit repair schemes. Follow tried-and-true strategies. Keep your card balances low (no more than 10% of your overall limit), and never miss a payment.
Apply for new credit. The easiest card to get is often a secured credit card. These cards require that a deposit be made to establish a credit line, which typically will be equal to the amount of your deposit. Just make sure account activity is reported to credit bureaus every month to rebuild your credit.
If you have questions on this or any other real estate topic, call me at (925) 216-0860. To search the MLS for free and view homes for sale, go to www.CynthiaAlfred.com
Sharon Epperson USA Weekend
