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I got divorced 4 yrs ago and as part of the decree my ex was supposed to refinance the house to remove me from the line of credit. Well she didnt, she forclosed and now its affecting my perfect credit.. any suggestion on how to clean this up?
Hi jsdeloera,
It is always possible to get a good credit score even if you hit upon a rough patch. Here are 4 simple tips to follow to repair your credit score:
1) Keep making timely payments on all your credit card accounts. Paying before time can sometimes help to raise your score.
2) It is best to keep your credit card utilization ratio below 50%, even if you are making timely payments.
3) If you have a secured personal loan or a auto loan that you pay in installments, paying it off can help to raise your score.
4) Do not apply for new credit accounts as long as you do not need them. There will be hard inquiries from creditors, if you apply for a new line of credit and that will lower your score.
Creditors are always more interested in how responsibly, you try to repair your credit history. If foreclosure is the only negative remark on your credit report, its affect will decrease with time.
RE : Forclosure
Hi,
Around 30% of the properties in foreclosure were reported as non-owner occupied. This means that the renters were probably displaced in the process, regardless of whether or not they paid on time.