How to Establish Credit After a Foreclosure

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To establish credit after a foreclosure, have an attorney send letters showing the discharge of the foreclosure, charge a credit card with your own cash, and pay that cash on a timely basis. Show credit card companies good will payments to improve credit after a foreclosure with tips from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
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Video Transcript

This is Financial Advisor Patrick Munro talking about how to establish credit after a foreclosure. Foreclosures are basically a fact of American life right now in the wake of a very large sub-prime mortgage and credit crisis that has come upon this country. There are literally thousands and thousands of families that have lost their homes through foreclosure. Foreclosure is a long and drawn out process when someone misses their mortgage payment, and then misses another one, and eventually there is no way they're going to catch up. It takes about nine months and basically after that process, they must leave the home under court order. As a result, your credit goes very very bad. There is an opportunity though, for you to develop your credit after foreclosure. The best way is to work with an attorney that will send letters specifically out showing the discharge of the foreclosure, and therefor you have a fresh start. Normally it will start with a credit card you have charged with cash, your own cash, and make sure you pay that cash on a timely basis, and eventually the credit card company will see your good will and put their own money in and off you go, you start getting more credit going forward. This is Patrick Munro talking about how to establish credit after a foreclosure.

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