Credit Repair After a Foreclosure

In the last six months or so we've consulted hundreds of consumers trying to rebuild their credit after a foreclosure and the answer is always the same;Bad credit can be improved regardless of the situation!

Financial difficulties on the other hand can have a much longer and a much deeper effect. It can affect your relationships, peace of mind and even your health.

First you need to understand how credit works at least in a general sense. Credit Scores are a snapshot of your credit worthiness for that point in time.

As time goes on - the negative impact of derogatory items lesson. To expedite that process you can start offsetting some of the negative impact by adding positive items.

If you're going through a foreclosure, bankruptcy or repossession - it's likely you'll have to start with a secured credit card. There are cards that offer a no credit check application and report to all three bureaus.

After 6 months to a year, you should qualify for a traditional card and be in pretty good shape. Chances are if you're losing a home, you'll need that long to regain control of your finances anyway.

Rule of thumb is to have 3 cards in good standing. Use them monthly and keep all balances below 10% of their limits.

Things to keep in mind:

Find the positives: Use the opportunity to learn, regain control and start saving money.

The Sooner you start adding positive trade lines, the sooner your credit profile will begin to recover.

Keep your credit card balances below 10% of their limits.

Get all the damage out of the way at once. If you are struggling in more areas than just your home, you may want to consider dealing with it all at once instead of dragging it out. Your credit profile will begin to improve as soon as all the negatives begin to age.

In closing - nobody wants to lose their home, but you have to remember it's temporary. Your health and your relationships could be permanent. With a smart, methodical plan you could be back on top sooner than you think.

About the Author:
Marc Chase at MyCreditGroup.Com a nationally recognized authority on Credit repair and Debt Settlement.

Visit their site at:
MCreditGroup
820 Los Vallecitos Blvd. Suite F
San Marcos, CA. 92069
800-430-7494

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