FL – If you have a foreclosure or short sale on your credit report, then it will lower your credit score quickly. In the near term, the decrease will be much more than it will be a few months down the road when it starts to inch its way back up.
The credit reporting bureaus weigh the most recent activity more heavily than the distant past.
Taking action now to build up the most recent activity is a great way to help your score rebound. So for now, here are the things you should be doing from this day forward to keep your score improving:
First, keep your report clean and clear of NEW negative items. This means that you need to pay on time, every time on open credit. You must not have any new collection accounts or charge offs.
Don’t try to open ANY new credit – this means new car loans, or a Target charge card, or any new opportunity to open any other new credit. Don’t do it.
After a foreclosure or a short sale, you want anything that appears on your credit report to be spotless – that the short sale or foreclosure was a blip on the radar, the past, out of the ordinary for you.
Re-build your credit report with favorable credit. Ask your bank if you can use a secured Visa or MasterCard through them.
A secured Visa or MasterCard is much like a debit card – you preload it with the amount you want available. Unlike a debit card, a secured credit card will get reported to the credit bureaus, and this will help to rebuild your score.
Obviously, the best way to deal with bad credit scores is to avoid it in the first place if possible. If you have a history that needs a bit of polishing, hang in there.
Follow the steps that I’ve written about, stay on track, you will be able to look back and feel a sense of pride about your accomplishments.
Thinking about buying a Fort Lauderdale Home? I can help and consult you buying your property by providing you the right real estate tools so you can make an educated buying decision.. Send me an e-mail at info@FloridaConnectsInc.com. I will contact you for a free consultation.
When we talk, I will explain how the buying process works in detail and answer any questions you may have. Or, if you prefer, you can call me in Fort Lauderdale at (954) 586-3930 and Tallahassee at (850) 364-3946.
Thanks for reading this, Annett T. Block.
Annett is a Real Estate Agent/ Real Estate Broker at Florida Connects Incorporated.
FTL Phone: (954) 586-3930.
TLH Phone: (850) 364-3946
View My homes for sale at www.FloridaConnectsInc.com
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
The views expressed here are Annett T. Block’s personal views and do not reflect the views of Florida Connects Incorporated.
This information on Fixing Credit To Buy A Fort Lauderdale Home Step 10: Maintaining Good Credit is provided as a courtesy to our viewers to help them make informed decisions.