How To Improve Your Credit Score After Short Sale or Foreclosure


Are you one of the many Americans recently affected by financial woes?  Have you missed payments, racked up your charge card, gone through a short sale, foreclosure or bankruptcy?  As a result, your credit score has probably dropped, maybe substantially.  If so, there is a great resource that may help you rebuild your credit.

MyFico.Com is a website recommended by my favorite financial guru, Suze Orman.  MyFico will allow you to monitor your score and will send you email alerts whenever your score might be affected, for example:

1.  You increase your balance on your charge cards (higher overall debt)

2.  You apply for a car loan or other installment debt (credit inquiries)

3.  You get the car loan (higher debt)

4.  You pay late

5.  Your credit card company lowers your limit (balance to available credit ratio)

By monitoring your score, you will be more conscious of how you can improve it.  You can even set a target score – to alert you when you reach your goal.  For example, if your score is 650 and your goal is 700- you will get an alert when you reach it! The other great thing MyFico does is offer a simulator to see how your score will change if you take specific action, like pay $10,000 down on your overall credit, or pay on time for five months. 

What can you do to improve your score?  Pay down credit cards, pay your bills on time and don’t take on new installment debt.  The more consistent you are with taking those actions, the quicker your score will improve. MyFico offers a 30 day free trial.  If you sign up, the fee is $9.95 a month or $99.95 per year. 

To get an annual free credit report, also consider the official Federal Trade Commission site www.annualcreditreport.com.   You can get a report once a year from the three credit reporting bureaus, Experian, Equifax and Transunion.

Watch your score and be aware of your spending.  Your credit will improve… maybe sooner than you think!

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

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Call Wendy Rulnick, Destin short sale agent, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine.

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