Houston TX – 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 a short sale?
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (281) 602-8050
Thinking about a loan modification? Our Houston loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Thanks for reading this, Alice Monroe.
Alice is a Real Estate Agent at Corali Realty.
Alice Monroe specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor. Houston TX Short Sales. Houston Realtor.
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Alice Monroe, Corali Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
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.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Alice’s personal views and do not reflect the views of Corali Realty.
This information on Fixing Credit After A Houston Short Sale Step 10: Maintaining Good Credit is provided as a courtesy to our viewers to help them make informed decisions.