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I had good credit, i pay all of my bills on time, i have little credit card debt if any, i have had very few prblms in the past with my credit however in 2006 i purchased a townhome for 300,000 the value of my home dropped to just around 90,000 by 2009, i tried to bargain with my lender with no luck so i was left with no choice but to stop paying my mortgage and shortsell my home, my problem is that my home is still in the shortsale phase and i am wondering how to boost my credit score or at least finance a vehicle while my credit is in this bad state, the only good thing that came out of this is that i had a large sum of money that i chose to not put down when i purchased my home so i didnt really lose any money out of pocket
There are a lot of car lots that will lend you money to buy a car even having bad credit. But the catch is the interest rate is going to be really high. The only thing I can think of is to go and get a secured credit card and start from there. I believe a shortsale will remain on your credit report for 7 years. And being this early into this happening it is going to be tough to get a loan.
shortsale
My real estate agent told me that the shortsale will only reflect negatively for 2 years or so, i already have regular credit cards so im not sure if i would need a secured credit card, i have a credit line of almost 10,000 however since the problems with my house came about most of my cards boosted my interest rate to almost 30 percent which is why i dont use them anymore since i paid them off....anyway my question is there some way to repair my credit any faster, i had read somewhere before that there was a site or business that you could pay and they would basically piggyback you on someone with good credit account (after you pay of course) causing your score to rapidly go up....or if not that just whatever i can do to boost my score faster cause i already keep my balances low and i am pretty pissed off because this stupid situation with my house really screwed me over
I have never heard of the site you are referring to. Maybe someone else on here has not sure. But before you pay anything to a site that states this make sure to do your research and make sure it's not a scam. And yes credit card company's are known to do this as well as close your account all together which happened to me after filing bankruptcy even the ones I had that were pay as agreed. I am sure it is up setting because this has happened to you especially when it wasn't your fault. This economy has affected so many people. But hang in there it someone that has heard of the company you are referring to may be able to help you further.
shortsale
Hi lobstar,
It's not at all advisable to opt for such companies who promise to boost your credit score by piggybacking others score. It's not at all authentic. This is simply a case of credit repair scam, and it is better not to contact such companies. If you will enroll yourself with such a credit repair company you will only lose money without any observable boost in your credit score.
Rather than going into such programs you should keep in mind to pay the dues, old and new as early as possible.