Posted on: 21st Mar, 2013 12:04 am
My brother is doing a deed in lieu. Any advice you have to offer him for rebuilding credit?
hi guest,
a deed in lieu of foreclosure will reduce your brother's credit score by around 250 points. thus, it will take quite some time to get the scores improved. but he should not loose his patience. a nice way to improve credit is go for secured credit cards.
take care
a deed in lieu of foreclosure will reduce your brother's credit score by around 250 points. thus, it will take quite some time to get the scores improved. but he should not loose his patience. a nice way to improve credit is go for secured credit cards.
take care
Apart from secured credit cards, your brother shouldn't close old credit accounts, check his credit report regularly, correct inaccuracies reported on it, avoid defaulting on loans anymore and so on so forth.