How To Improve Your Credit Score After Short Sale or Foreclosure

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How To Improve Your Credit Score After Short Sale or Foreclosure

Are you one of the many Americans recently affected by financial woes? Have you missed payments, racked up your charge card, gone through a short sale, foreclosure or bankruptcy? As a result, your credit score has probably dropped, maybe substantially. If so, there is a great resource that may help you rebuild your credit.

MyFico.Com is a website recommended by my favorite financial guru, Suze Orman. MyFico will allow you to monitor your score and will send you email alerts whenever your score might be affected, for example:

1. You increase your balance on your charge cards (higher overall debt)

2. You apply for a car loan or other installment debt (credit inquiries)

3. You get the car loan (higher debt)

4. You pay late

5. Your credit card company lowers your limit (balance to available credit ratio)

By monitoring your score, you will be more conscious of how you can improve it. You can even set a target score – to alert you when you reach your goal. For example, if your score is 650 and your goal is 700- you will get an alert when you reach it! The other great thing MyFico does is offer a simulator to see how your score will change if you take specific action, like pay $10,000 down on your overall credit, or pay on time for five months. Credit Scores

What can you do to improve your score? Pay down credit cards, pay your bills on time and don't take on new installment debt. The more consistent you are with taking those actions, the quicker your score will improve. MyFico offers a 30 day free trial. If you sign up, the fee is $9.95 a month or $99.95 per year.

To get an annual free credit report, also consider the official Federal Trade Commission site www.annualcreditreport.com. You can get a report once a year from the three credit reporting bureaus, Experian, Equifax and Transunion.

Watch your score and be aware of your spending. Your credit will improve... maybe sooner than you think!

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

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Posted by Wendy Rulnick "Its Wendy!" Destin Florida Short Sales on 01/18/2010 03:56 PM

Comments (16)

Credit Scores in the Mortgage / Finance Channel

credit score, myfico, short sale credit, foreclosure credit, suze orman

Originally posted at: Destin Florida Short Sales & Real Estate by Wendy Rulnick: How To Improve Your Credit Score After Short Sale or Foreclosure

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16 Comments on How To Improve Your Credit Score After Short Sale or Foreclosure

JAN

2010

Keeping track of your credit is important after you have gone through tough financial times. Good job with the resources you are providing.

Hi Wendy... I love Suze Orman's show. Her advice is always so sensible and practical, qualities I appreciate and respect. Thanks for passing this along.

JAN

2010

Wendy, terrific information that more and more people will need in today's economic conditions. Unfortunately.

After watching Suze beat the ______ out of 2 homeowners who for reasons of hardship...true hardship....could not pay their mortgage...I am not a fan....In addition to some personal knowledge of how she operates...but that aside....In Wisconsin we have a "credit fixer upper" funded by the United Way which is FREE...and to some short sale sellers, free is the right price for now....and it helps them get back on track...providing credit repair information is an important part of what we do....and should be for anyone who lists short sales...blog on Lady !

Hi Bill - Thank you- keeping track is the key.

Steve - I love her show, too, and often quote her.

Gabe - Thank you - it is even good to follow your credit in good times!

Sally & David - Free is good! Personally, I subscribe to this service- it can also alert you if there is fraudulent activity on your accuounts, and the credit score simulator is amazing.

Wendy - Not really a fan of Suze either, but the service sounds great. I do use annualcreditreport on a fairly regular basis. You can actually get a report every 4 months by just doing 1 agency each time.

Wendy, Great reminder and great site. It's so important to know exactly what your credit score is.

Erik - That is a good way to do it, too!

Sandy - Thank you - it empowers to know.

JAN

2010

Great info. BYW, I still like Suze. Thanks for the post!

JAN

2010

Great advice Wendy. It's interesting though, that if you don't have installment debt that the overall credit score suffers.

I like Suze, that's not to say I always agree with her nor would I treat some people the way she does. You don't have to agree to take advantage of her knowledge. Thanks for passing this along.

Thanks, Wendy. I'm re-blogging this post . . . such good info for consumers!

Ray - I love Suze's "Denied!" LOL

Vickie - I did not know that. There is a simulator on the www.myfico.com where you can add or take away a loan and see what that will do with your score. I will test it on mine...

Laura - You're "Approved!"

Melissa - Thank you - I really appreciate it.

JAN

2010

Great tips and some that are much needed. While I am not much of a Suzie fan I do agree with her about the myfico webiste.

JAN

2010

I think that what Suze is the best at is getting her face on TV. I've not ever seen her come up with anything new.

There are many sites that will give you free credit reports, but you must pay exra in order to get your credit score. The only way to get a free score is to agree to a trial of a credit monitoring service, and then you must give out your credit card info. Then you must remember to cancel before the trial period runs out to avoid the automatic charge to the card.

Those tips you mentioned are pretty standard stuff, and they work whether or not you have had a foreclosure. I was hoping for some info that was specific to a foreclosure or short sale situation.

FEB

2010

Nice list of resources pertaining to credit reports and scores. Good info for clients.

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Wendy Rulnick "Its Wendy!" Destin Florida Short Sales

Destin, FL

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Rulnick Realty, Inc.

Address: 12889 Emerald Coast Pkwy West, Ste. 107-A, Destin, FL, 32550

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