Families in all income categories have experienced hardships from job loss, reduction in income, business failures, illness, divorce and foreclosure. When all of these hardships are analyzed they all point to one common fact and that is damaged credit and low or decreased credit scores.
If you have suffered a hardship and desire to rebuild your credit here are a few things you may want to consider.
1. If you are currently unemployed and you are facing foreclosure, in order to protect the remaining credit you have, you definitely need to understand the steps regarding a short sale instead of a foreclosure. A short sale is less impactful to your credit unlike a foreclosure.
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2. If you have lost your home to foreclosure and if you filed bankruptcy, please understand that you will not be able to buy a home until after the bankruptcy has been discharged for 3 years.
3. If you filed bankruptcy and did not own a home, you can purchase a home 2 years after the bankruptcy has been discharged, provided that your credit score is a 620 or higher.
4. If you have unpaid medical bills, late credit cards payment, you are unemployed and you are late on your mortgage, you may want to consult a bankruptcy attorney or a consumer credit counselor for advice on how to stabilize your finances.
5. If you are unsure about your credit situation, always begin with obtaining a copy of your credit report. Be informed about what is in your credit file.
6. Usually after a bankruptcy, your credit score will begin to increase after 6-12 months if you do not allow any additional negative activity to enter your credit file.
7. Using credit cards to rebuild your credit and to increase your credit scores after bankruptcy can be very beneficial. Understand the steps that are involved by doing your homework.
After a financial hardship, it will take you 2-3 years to rebuild your credit. The process is easier than you think. For more information about rebuilding your credit, please visit http://www.helprebuildmycredit.com
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