Short sale and foreclosures will directly affect your credit rating, this is the reality and it is time to accept the fact that improving it will really take some time until it goes back to the way it used to be.
Putting everything into perspective, if the short sale was made recently, it is very important that you set your expectation that short sales and foreclosures will really hurt you for a while due to the fact that credit scores are putting a higher emphasis on the last 24 months.
Financial experts suggest that in building your credit score, the best thing to do is to create a positive credit pattern for at least 24 months. You can start with paying your bills and other accounts on time. Although it will really take some time, what’s important is you are making the changes gradually. Do take note that reporting your income to any credit reporting agencies will not help, even if you found a high paying job. It is because credit scores and credit reports do not take it as part of the report. This is one of the most common misconceptions.
As you rebuild your credit score, you can track your progress by checking your credit report once a year or you can check it out monthly by using a free credit report card online. There are websites that offers these service for free or you can take advantage its free trial period.
No comments:
Post a Comment