How,build,your,credit,back,aft business, insurance How to build your credit back up after a short sale?
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A short sale candamage your credit score, which may take a beating of more than 80 -150 points. While a short sale may be a viable alternative toforeclosure, your equity gets reduced because the value of your homeis less than what you owed. So, a low credit score increases yourlikelihood of having to pay a higher rate of interest for creditcards and mortgages in the future.Normally, aftera shortsale, it will take18-24 months before you become eligible for refinancing. This isbecause short sale proceedings follow payment defaults, which harmsyour credit score. Ideally, to reach a score of at least 650,consider the following tips:Get a copy ofyour credit report and carefully scrutinize for discrepancies orirregularities. Make all payments on time. Payyour major credit instruments, like car loans and credit cards, ontime. This is vital when you are rebuilding your credit.Pay off any collection accounts bynegotiating with your creditors for a lower amount as total paymenton the account. Use your credit cards withcaution and keep the balance on each card to ideally 25% to 30% ofthe approved credit line.Remember tocontact your local consumer credit counselor or credit bureau tounderstand your credit report better. Also, setting up an automaticpayment plan with your credit card company can help ensure that younever miss your minimum credit card payment. Otheralternatives:You can requesta personal loan from any bank. Banks can extend secured loans againstproperty you own. In this case, that property is money. By borrowingagainst funds already in the bank, you may make installment paymentson the loan and have a positive line of credit inserted in yourcredit report as a result. Funds borrowed against may be frozen bythe bank until the personal loan is paid in full.If you do nothave any collateral to offer for the approval of installment debt,you can find a co-signer to ensure loan approval. The co-signer musthave a good credit history. In the event of your non-payment of aloan, the bank will approach the co-signer to demand these payments.To build a goodcredit score following a short sale or a foreclosure, you should seekprofessional help. You can do this by visiting www.floridashortsaleshelp.comfor all real estate and short sale relatedadvisories. Article Tags: Short Sale, Credit Score, Credit Cards, Credit Report
How,build,your,credit,back,aft