Is there any way to increase credit score post foreclosure?

My home was foreclosed in 2010. Since then, I have been paying all my bills on time. My present score is 598. Is there any way to improve my credit score or is it too late? Will I be able to purchase a house again? I don’t have any other debts as of now.

6 Answers


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As you continue to pay on the debt that you have, your score will slowly go up!! I know it seems like there is no 'light at the end of the tunnel', but, believe me, there is!! If you have a car loan, CC's, etc,..and you keep them in good standing and make regular payments on them, you will see your credit score improve. Sometimes it's difficult to 'start over' with our credit. But, can be done.

My previous posters have rightly suggested you to plan on a budget, live within your means and change your spending habits. It is not easy doing that, but with constant effort you may actually do without some of the unnecessary expenses. Make a list of your regular expenses and then try to identify items that you may do without each month. Regarding obtaining your home loan, you'll certainly need to do a lot of shopping so that it suits your budget alongside meeting your financial needs.

You should plan a suitable budget and follow it. It will help you manage your finances and your loans efficiently. You can very well be able to take out another conventional mortgage after about 3-4 years, but you should increase your credit score to about 700 to take out a mortgage with suitable terms and conditions. Moreover, obtain a home loan which you'd be able to manage properly and pay back within the stipulated time period. 

It is not impossible to improve your credit score post foreclosure. If there is a will, there is a way. You have already taken taken the first step by paying your bills on time. Don't incur any more debt. Check your credit report time to time. Don't repeat the mistakes that lead you to foreclosure. Change your spending habits. Live within your means. If you want to qualify for FHA loan, then you need to wait atleast for 3 years after foreclosure.

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