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Bouncing Back From Foreclosure - Anyone Tried Refinancing Later?
Went through a foreclosure about three years back (yeah, not my proudest moment, lol). Recently started looking into refinancing options again. A buddy recommended this credit repair service that supposedly helps get your score back up quicker. I gave it a shot, and honestly, I think it's helping...slowly but surely. Curious if anyone else has tried refinancing after foreclosure and how long it took before lenders actually gave you the time of day again?
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2 replies
- Totally relate on the foreclosure thing, went through it myself about 5 years ago. Definitely not fun times.
- From what I've seen, lenders usually start warming up around the 3-4 year mark, especially if you've managed to rebuild your credit a bit.
- Those credit repair services can help, but honestly, just keeping your credit utilization low and paying everything on time seems to make the biggest difference.
- Have you checked out FHA loans yet? I've heard they're a bit more forgiving after foreclosures - usually around 3 years waiting period as opposed to conventional lenders who can drag it out longer.
- Also, might be worth looking into local credit unions. Sometimes they're more flexible and understanding of past financial hiccups.
- Curious how much improvement you've seen so far with the repair service - is it noticeable enough to justify the fees?
Can definitely relate to the credit repair service skepticism - tried one myself a couple years back. It did help clear up a few minor inaccuracies, but honestly, the biggest jumps came from just grinding away at payments and keeping balances low. FHA loans are solid advice; I refinanced through FHA about four years post-foreclosure, and it was surprisingly smooth... well, smoother than expected anyway. Also seconding the credit union suggestion - they seem way less robotic about past slip-ups. Worth a shot if traditional banks aren't playing nice yet.