Not all credit scores are the same…especially if you have a foreclosure on yours.  Credit is not something you can see, feel, hear, smell, or taste, but it can have a big effect on the tangible items of your life, like a car or a house.  Your credit helps determine what (and if) you can buy, and how much a loan is going to cost you in interest. Generally there are four types of credit:  Excellent, Very Good, Fair, and Poor.  Credit scores are primarily based on payment histories and credit usage, but also take into account the length of your credit history and how many new credit accounts you have recently opened, plus the mix of different types of credit.  Foreclosure is unflattering on all of them. Tips for improving your credit include pay your bills on time, pay down outstanding balances, stay away from new debt, and avoid foreclosure (and bankruptcy). Foreclosure is usually pretty hard on your credit score.  A foreclosure defense may give you a chance at loss mitigation, whereby you pursue a strategy to minimize your drop in credit.  The less credit you lose, the more credit you have to build on, which makes your […] Read More