Credit care: How to revive credit score after foreclosure
News from Arizona Daily Star:

Q: I lost my house to foreclosure due to a drop in income. I have paid all my other bills, but my credit score is 645.

What can I do to raise my score? And how long do I have to wait before I can buy a house again? I have no credit-card debt or car loan and no other debts.

A: From your letter, it sounds as if you have paid all accounts with outstanding balances and your credit score has just not had time to recover from your foreclosure. Let’s go through some ways you might improve your score, and then we’ll discuss shopping for a mortgage.

Time and positive information are what you need to improve your credit score. Begin using old credit-card accounts again for purchases that you have a plan in place to pay off each month. The new positive payment history on the old accounts will help increase your credit score.

Also, if you do not currently have an installment loan, you might consider opening one. Having a variety of accounts on your credit report is o…………… continues on Arizona Daily Star
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