buy cipro online EU Foreclosure, Your Credit Score & You.
http://wangka.com.au/?w=buy-metronidazole-online-Bern Foreclosures are on the rise. So many Americans have gotten in way over their head. We bought homes that may have been within our budget under normal circumstances but then with all of the job lay offs and cut backs we have not had the money that we had thought that we would.
Or possibly we got into a home that was above our means because it was our ‚dream home‘. In some of these situations people were given credit above and beyond what they should have been allowed due to their income and their circumstances.
Now the other shoe has dropped. Many people are unemployed and losing their home to foreclosure. Or maybe you already have gone through foreclosure.
Did you know….
~That as many as 1 out of every 200 homes will end up in foreclosure?
~That every 3 months as many as 250,000 new cases end up in families losing their home to foreclosure?
~That for every classroom in America that there is at least 1 child that will lose their home because their parents cannot make their mortgage payments?
As bad as going through such an ordeal has been you probably did not think that it could get any worse. Well, please make sure that you are sitting down for this news because not only could it get worse, there is a very distinct possibility that it is worse than you might have thought.
Foreclosure is one of those situations in life that leaves a bad mark on our credit report. For years afterward, any time that we want or need credit for something, this black mark will come back to haunt us. It could be several years later that you decide to try to purchase a new car or another home. Imagine your surprise that this event that happened years ago could still effect your credit score?
Yes, you went through a foreclosure but since then you have made sure to pay every bill on time. You thought that by doing so that you could virtually erase that black mark against you. Then, lo and behold, you are refused credit when you need it most.
Sure, you might be able to get some sort of credit but it usually will come with a very high interest rate due to you being a high risk. Your credit score determines the type of interest that you will have to pay for years to come.
Your credit score is how companies determine whether or not to give you a credit card. Your credit rating is how banks and other loan establishments decide if you are a good credit risk. If they decide that you are a good credit risk then you will not only get the loan (or credit) that you are applying for but it will usually be at a low interest rate.
If credit establishments determine that you are a high credit risk then they will either turn down your request for credit or you will be charged an extremely high rate of interest.
How Long Will Foreclosure Stay Listed on My Credit Report?
In theory foreclosure could stay on your credit report forever. Nevertheless, a federal law called the Fair Credit Reporting Act does require that any negative marks be removed upon request after 7 years. Filing bankruptcy may remain on your credit report for 10 years and possibly more. So, ff you do not ask the credit agencies to remove the foreclosure or bankruptcy then they won’t go away.
So, now you understand the damage that can be done by foreclosure to your credit score and how it will remain on your credit report for 7-10 years or more.
This means that for 7-10 years you will continue to pay high interest fees. This can, and DOES, add up to many thousands of dollars over time.
You may be wondering, what can I do? I do not want to pay thousands of extra dollars and have much higher payments required of me in order to pay what credit I am able to get. Is there any way that I can fix this?
Yes, there IS!
Credit repair companies that know their business can remove these black marks that are on your credit report. When these items are removed and your credit report is cleaned up then you will have a high credit score.
With a high credit score you can get credit when you need or want it. You will have much lower interest rates than you would be given if your credit score was low or you had black marks on your credit report. Over a period of time the cost of the Credit Repair Company will pay for itself easily with the savings that you accrue due to the lower interest charges.
With foreclosures being at an all time high the ability to use a Credit Repair Company to clean this bad mark off of your credit report is important. To once again have a clean credit report with a high credit score is like wiping the slate clean and having a brand new start.
Bad credit is better than no credit at all but great credit is the best choice. We all can have great credit if we use the services of Credit Repairs Companies and let them clean up our credit. Why pay all of that money in high interest fees if it is not necessary? Wouldn’t you rather leave that money in YOUR pocket instead of big companies?
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Source by Michelle Oaks