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Fast Credit Repair After Foreclosure

Foreclosure While rebuilding your credit after a foreclosure is difficult it is doable if you go about it in the right way and stick to your guns in the process. It is not going to be an overnight process but slow and steady wins the race.

Credit cards: After a foreclosure, many credit card companies will contact you in an attempt to either cancel your account or to raise your rates. Despite what they may say, this is only an automatic adjustment that was triggered based on your foreclosure and is in no way a sure thing.
As long as you have been paying your bill on time and are not using the credit card for major purchases, there is no reason you cannot negotiate with the representative that you speak with to both keep your card and keep your rate at the level it was at prior to the foreclosure. Be steadfast in your commitment and don't let them bully you around and you can come out on top.

It is important to keep your credit cards if at all possible as using them is a great way to start reestablishing your credit. You are going to want to use them for household expenses and to pay the charges off in full each month. Maintaining consistency and keeping a clean record of on-time
payments is the first step to rebuilding credit. You can also get professional credit repair help from Sky Blue Credit who we have independently reviewed and rated as our #1 credit repair service.

Secured credit: If you have already lost your credit cards then the easiest way to go about rebuilding your credit is to start with a secured credit card. A secured credit card works like a regular credit card except your limit is tied to the amount of money you deposit with the credit card company up front. You will not be able to access that money directly while the account is open which means the lender doesn't have to worry about losing out on any credit loans that are made in your name.

A secured credit card is different than a debit card in that the company providing it to you will go ahead and make monthly reports to the credit bureaus, helping to build your credit as long as you use it in a conscientious fashion. The card also has all of the fees and penalties of a regular credit card so it is important to shop around for one offers the best rates.

Avoid new debt: When rebuilding your credit, it is important that you don't take on any new debt until your credit score has started to right itself as your debt to income ratio will affect your credit score and, at the moment, you will need all the help you can get. Likewise, starting several new credit streams at once will only shorten the average length of your credit history which can send you back in the other direction. Rather than open new avenues for credit, and debt, focus on paying off any other debts you may current have and save money for when you score gets above 650 so that you can take on new debt with better rates.

Try Low Balance Credit Credits: These credit cards usually have extremely high interest rates but your goal is to charge only 10% of the balance to build a credit score fast. Getting 3-4 of these can achieve excellent results fast if you charge and keep a low (10%) balances on them with no changes. I still have some of my low balance cards that I got just for the purpose of credit repair years ago. For instance I have a $2,000 and $1,000 card. On the $1,000 card I hold a balance of $155 and on the
$2,000 card I keep a balance of $180.

Consider credit unions: A credit union is essentially a nonprofit bank that operates only to benefit its members. As such, when you are ready to apply for a new loan or a credit card it is recommended that you join a credit union to do so as the rates that you are eligible for are going to typically be much more in your favor than through a traditional bank. They will also be more likely to overlook your financial mishap as their requirements for loans and credit cards won't be as strict as well.

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