How can I removed a foreclosure from my credit report?
We’ve already covered how to repair your credit after you have had your mortgage foreclosed, but how do I remove a foreclosure from my credit report to help repair my FICO?
Unfortunately there isn’t any way to remove a foreclosure before 7 years. Once your home has been foreclosed, there is going to be a permanent mark on your credit score. This may extend for up to 10 years as well, but there are some steps to help mitigate the effects of a foreclosure.
- Get a credit card and pay your balance in full every month
- Don’t spend to the maximum of your credit cards. Only spend 20% or so per month, and then pay off the balance in full every month
- Get an apartment and a car if you can, but don’t pay them off in full. You want to finance the car and prove that you are someone who can be trusted with lending money
- Pay all of your bills on time, every time, no matter what, even your water bill or your library bill
Make sure not to fall for a credit company that claims that it can help you to remove foreclosures or repair your credit beyond belief. They are a waste of money, and any information they are using is coming from the same source that you’re reading right now.
