Posted on: 06th Jul, 2009 03:55 pm
Hi.. i'm going thru my 2nd foreclosure and I'm very concern how this will affect in the future.. am I going to be the less thrustworthed to get a loan after 3 yrs?
It will definitely have a negative impact.
Hi Liz,
I agree with Eric that a second foreclosure will definitely have a negative effect on your credit report. Your credit score would be badly damaged. You may get a loan after 3 years but you would have to take steps to improve your credit score. You can check out the following link to know about some of the simple steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
I agree with Eric that a second foreclosure will definitely have a negative effect on your credit report. Your credit score would be badly damaged. You may get a loan after 3 years but you would have to take steps to improve your credit score. You can check out the following link to know about some of the simple steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
Hi Liz,
Welcome to our forum.
As both experts say i will definitely make nagetive effect on your credit history. But don't worry you can repair it.
Improve your payment history:
1) Never make late payments of your bills.
2) You can request to your creditors about clear your late payments history while you re started to paying them.
3) Pay your old pending bills.
4) Request your creditor for an alternative plan with low monthly payments.
5) Negotiate with your creditors to remove charge-offs from your report & re-open those accounts.
Reduce your outstanding debts:
1) Keep your balances low & try to keep your revolving debt up to 50% of your available credit.
2) Try to close accounts gradually over several months. Verify if the accounts closed are reported as "closed by consumer".
3) Never close old and unused accounts rapidly in order to lower your available credit. It can raise your debt-to-credit limit which will a negative impact on your score.
Improve Your Credit History:
1) Improve you credit history by paying your all pending bills.
2) Avoid late payments.
3) Do not apply for new credit card.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
As both experts say i will definitely make nagetive effect on your credit history. But don't worry you can repair it.
Improve your payment history:
1) Never make late payments of your bills.
2) You can request to your creditors about clear your late payments history while you re started to paying them.
3) Pay your old pending bills.
4) Request your creditor for an alternative plan with low monthly payments.
5) Negotiate with your creditors to remove charge-offs from your report & re-open those accounts.
Reduce your outstanding debts:
1) Keep your balances low & try to keep your revolving debt up to 50% of your available credit.
2) Try to close accounts gradually over several months. Verify if the accounts closed are reported as "closed by consumer".
3) Never close old and unused accounts rapidly in order to lower your available credit. It can raise your debt-to-credit limit which will a negative impact on your score.
Improve Your Credit History:
1) Improve you credit history by paying your all pending bills.
2) Avoid late payments.
3) Do not apply for new credit card.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
