Apr 152015
 

For more information, please contact me at (512) 261-1542 or steve@LoneStarLending.com.

By G. Steven Bray

You don’t have to let financial hardship define your credit future. Too often, I see folks who experience a bankruptcy, foreclosure, or just financial hard times give up on credit because the hardship trashes their credit scores. I will grant you that it can be difficult to qualify for a home purchase after one of these credit disasters, but if you’re proactive, you can qualify in only a couple years.

First, understand that the bad credit isn’t going to magically disappear. Yes, there are companies that specialize in cleaning up bad credit for a fee, but they can’t make legitimate negative information go away. If you’ve experienced a bankruptcy or foreclosure, it’s improbable anyone can unring that bell.

Instead of trying to rewrite history, your job is to offset the bad credit with good credit. To that end, it’s important that you reestablish lines of credit. You may have a tough time getting a major bank credit card, but there are other options.

We’ll discuss those in tomorrow’s Star Bits.

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