Depending on the nature of the bankruptcy, foreclosure or short sale the time to rebuild credit may vary, but the basic methods to a renewed credit score is not the impossible task as many people think.
First, a new credit card can help. A 'secured' credit card is a card one could get by making a small deposit to activate the card. The deposit is placed in a savings account. Then make sure to make payments on time and keep your balances low. Lenders love to see good payment behavior. Don't forget to make sure the card issuer reports to the credit bureaus or else your effort to rebuild credit might go down the drain.
Another way to build credit is to piggyback on someone else's account. Ask a family member or your spouse with good credit history to add you as an authorized user on the account. Your credit score will improve from the cardholder's payment history. Be smart to choose the right person to piggyback on!
Lastly, check your credit score periodically through online credit reporters on the internet. Make sure the information on the report is all yours; check the social security number, your credit cards, and amount of debt on file. If you find any information on your credit report that is not yours or incorrect make sure to take steps to make those corrections.
Regain control of your financial future! We understand that this whole process may seem overwhelming and you might need assistance. Call us at any time of the day at 1st California Law for a free attorney consultation. We can help you!