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Facing Foreclosure? Here are some tips to save your credit score.

April 28, 2017

 

A good credit rating is vital to financial health.    Your credit score will determine the interest rate when getting a loan, the limit and interest rate for a credit card and may even affect your ability to get a job.   Facing a foreclosure is bad enough.  It is likely to give your financial standing a thorough beating.  Your credit rating could fall by between 300-400 points.  However, there is a way to still salvage it.

 

1.     Keep The Existing Lines Of Credit

Most credit card companies are likely to close your cards when they discover that you have defaulted on your mortgage.  However, it is not all who take this step.  You may still have access to financing though it will be more expensive and with more restrictions. The few existing lines of credit are extremely valuable.  Keep them as healthy as possible.  The companies will threaten to close the lines or raise your interest rates.  The best approach is to call them with a detailed explanation as well as a promise and plan to rectify the situation.   As long as you meet your obligations, most companies will leave you alone.

 

2.     Use A Secured Credit Card

This is a card whose limit is secured using a deposit in a bank account that you cannot access. The challenge is that these cards are expensive to obtain. You have substantially high application fees, billing and annual fees. However, if you are committed to maintaining a perfect repayment history, your credit ratings will improve.

 

3.     Go To The Local Credit Union

There is a reason why many people love and turn to local credit unions when