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Hello there, I need some information! I went through a foreclosure round 2 years back. One of my friends told me that after 2 years of a foreclosure, my credit score will start increasing. Does anyone know if this is true?

jameshogg · Posted: Sun Sep 11, 2011 11:54 pm Post subject:

Hi Melina,

It is true that with time, the affect of foreclosure on your credit report will reduce. If you take the required steps, then with time your credit score will also start improving. However, it might take some more time to improve your credit scores. May be your credit scores will start improving after 3-4 years of a foreclosure.

Thanks

joshuaheckathorn · Posted: Mon Sep 12, 2011 8:48 am Post subject:

It's possible to start seeing increases, especially if you've been making an effort to build more recent positive payment history. The foreclosure will have less and less of an effect on your FICO scores as time passes, but I wouldn't expect to see your scores bump back into the "good" range again for a few more years (assuming you're doing everything possible to rebuild your credit again).

sabrinatoss · Posted: Mon Sep 12, 2011 8:17 pm Post subject:

Hi Melina...

This is a really tough question to answer because their are really no rules in short sales. What may be the right thing to do with one lender/investor may not be the same with another. Theoretically you could be correct in timing the mortgage payment. Each time you are 30 days late it does further effect your credit. Wink

bessietalbot · Posted: Wed Oct 19, 2011 10:58 pm Post subject:

Thanks for sharing this post with us. The post is really interesting. Keep posting the good work in future too.

helpfuljohn · Joined: 20 Oct 2011 Posts: 22 4.66 Dollars($)

Getting your credit score up will take a little time, but it will happen in the end. Your best best will be to lay low credit_wise and see if you can track changes over time. Keep your debts down and manageable, make your payments and let some more time go buy while you establish a stable track record, and you'll have a solid credit score back in no itme!

Guest

We filled bankruptcy and after 3 months I have a credit card. What is the best way to get our credit scores up again using the card.

adonis · Posted: Sun Oct 23, 2011 10:16 pm Post subject:

Welcome Yvonne,

You can check out the given page in order to know some steps to improve your credit scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .

joshuaheckathorn · Posted: Mon Oct 24, 2011 2:06 pm Post subject:

@Yvonne- use the card sparingly (10% or less of your available credit limit) and always pay your balances in full and on time. Your payment history and credit utilization together account for about 65% of your overall FICO scores, so if you do those 2 things you should be in great shape and you credit scores will continue to improve over time.

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