Credit repair?
So my credit it tanked and will only drop more when the foreclosure completes, What can I start doing to rebuild my credit?
Public Comments
- When the forclosure completes try and dispute the derogatory items with the bureaus reporting them. Do you have any revolving debt (credit cards) that are open? If you cannot maintain them all, try and keep one open. Reason for the one card: After the derogatory items are deleted, it will be difficult to get a credit card with a high limit and it will look like your starting from new. This card will be the only item which will be analyzed for your credit score.
- go to the motley fool how to get out of debt, it is a great place to start, and they give you tons of easy info...
- Your credit score is based mostly on: 1. Length of credit history 2. Payment history. 3. Ratio of credit used to available credit. 4. Number of credit inquiries you authorized. If you cancel your card, you'll be hurting your credit ratio. (#3). You want to deliberately keep your oldest credit card open, even if you never use it. You want to always pay the minimums of each loan on time every month. You want to keep your available credit high, but actually only have balances equalinig 25% or less. You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans. You do these things and your credit score will quickly soar into the 700s. ------------------------------------------------- http://www.loansandinsurances.com/
- The first palce I'd go would be creditinfocenter.com They have all sorts of good, free information on how you can repair your credit.
* Some answers may have been provided by Yahoo! Answers.