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04-19-2009, 03:52 PM
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What is the best way to restore your credit
after a foreclosure or bankruptcy? My fiancee had a home in another state that ended up in foreclosure. Now his credit score has suffered. What is the best and fastest way to try to reestablish his credit? Before the foreclosure his credit score was great. He also owns the home we live in and is current on all his bills.
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04-19-2009, 10:30 PM
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Get a loan that is secured by a CD, and use the money you borrowed to pay it back. The loan has to have a term of a minimum of 6 months or it won't show on his report. You could also get secured credit cards and use them to buy gas and groceries.
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04-19-2009, 10:31 PM
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He doesn't need to do anything but wait since he has a home now. When the foreclosure ages off the report his credit will be fine. Soon he will get credit offers or he can get a secured card to have revolving credit. Mostly he needs to wait and to have learned his lesson and not do stupid things again.
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