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
… Read the full article
.

Related News:

How Your Credit Report Affects Your Credit Score
News from Go Banking Rates:

You know that your credit is important. However, many people focus on their credit scores without realizing the impact that their credit reports are having. Indeed, in some cases, it can be difficult to separate your credit score from your credit report. However, these are two information sources for lenders and others to use when determining your creditworthiness. Understanding the relationship between the two can help you make better credit decisions that will benefit you in the long run.

Your Credit Score is Based on Information in Your Credit Report

Your credit score is a number. This three-digit number is based on information in your credit report. A credit score is a way for financial service providers to get an idea of the sort of risk you are quickly. Combing through a credi…………… continues on Go Banking Rates
… Read the full article


Comments are closed.