Foreclosure
How does foreclosure affect credit?
Most people facing foreclosure are concerned about how foreclosure will affect their credit rating. You may worry that once you rebuild credit after foreclosure you will not be able to get credit at reasonable rates of interest. If the financial markets are not profitable you may not even be approved for any type of credit. If your credit isn't good, you may not be able to secure a new job. Foreclosure affects your credit score by 200 - 300 points. Foreclosure: How long will it affect credit?
A foreclosure stays on your credit report for 7 years and will negatively affect your credit score mainly for the first 2 years. When you begin rebuilding your credit it will get better in time. It will probably take 2-4 years to get a mortgage after foreclosure.
How can you repair credit after foreclosure?
Here are 3 tips to help you repair credit after foreclosure.
- Prepare a budget
- Pay your bills on time
- Get a credit card - You can apply for a secured credit card. By paying your balance each month your credit score will begin to reflect your credit worthiness.
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www.creditrecoverystore.com
