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Strengthening Credit After a Kenosha Short Sale
Blog author Terrance Quezaire is a Business Development Executive in Southeast WI for RealEstateAuctions.com
But lingering credit damage can still result from any short sale — if the short seller allows it to happen. Should you find yourself in the short sale situation, be proactive in protecting your credit score. You will put yourself in a position to re-enter the market sooner than you think if you take action to improve a damaged credit score following a short sale. Here’s how:
1: Sit down and write out a strategic monthly payment plan for all open credit accounts and loans. It becomes real when you put pencil to paper. If the total is unrealistically large, contact as many lenders as needed and ask to reduce the payment amount. Making on-time payments is how you will build and repair your credit.
2: Apply for a secured credit card. It is tempting to use only debit or prepaid cards, but this does nothing to rebuild credit. Secure a credit card with a deposit, and then use it to make calculated purchases you know you can repay on time.
3: Be on time with all rent, medical bills – and every other account. Immediately after a short sale in Kenosha is the right time to downsize and be frugal — but you need to keep certain accounts — bills, rent, etc. — open. It cannot be overstated: the key is to make all payments consistently on time.
Not everyone escaped unscathed from the recent downturn, but it’s also true that lenders are now a lot more familiar with good prospective borrowers who could not avoid its consequences. Whether you have been through a Kenosha short sale or not, if you are looking to buy a home in Kenosha, do give me a call. I’ll put you in touch with my mortgage broker, and we will see how close you are to owning your next home!
Terrance Quezaire is a Business Development Executive, Team Leader and licensed real estate sales professional in Wisconsin, covering Waukesha, Jefferson, Kenosha and Racine counties for RealEstsateAuctions.com. Terrance welcomes questions about the strategies discussed in this blog post as well as Waukesha County WI auctions, Jefferson County WI auctions, Kenosha County WI auctions, Racine County WI auctions and Southeast Wisconsin auctions in general. Call him at 262-358-6585 or send him an email at TQuezaire@RealEstateAuctions.com.
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