I feel like I'm in a best case scenario after a Short Sale, not sure what to do next... My credit has been excellent always, never anything bad on it, after the short sale went through, my points took a hit, however, none of my "premier" and higher status credit cards were closed or went under review.... My credit Cards: AMEX Preferred Gold Card Merril Lynch Merrill+ card Bank of America World Mastercard None of them have been closed all remain open with low balances and ontime payments... It seems like the only negative thing on my account is the short sale, I'm under the assumption I can't buy anything for 5 years, but what can I do to promote a better credit report other than time (waiting for the short sale to vanish in 7 years) so that I can get atleast approved for a car lease at the minimum, and for a home loan at some point ? Is there anything I can do other than time and letting it pass?
If the short sale is the only negative thing on your credit report and you're able to build your FICO scores back up to a respectable level over the next few years, you should be able to qualify for a mortgage again in 2-3 years. Perhaps even shorter, depending upon the lender. The best thing you can do for now is use your credit cards responsibly, keep your CU ratio low, and make sure keep your credit reports as clean as possible from this point forward.
What about to lease a car? Thats my next credit requiring thing I need to do, buying a house can wait, but im going to need to get a car and I'd like to stay leasing, will companys deny me because of the short sale? everything else my credit is perfect.... and my score is already back up to 650 atleast... on the way back up....
That will depend heavily upon where your FICO score stands at the time you apply for the lease and the lender you choose to work with. If you have good income and a decent FICO score, the short sale may not be a huge deal for some auto lenders as long as your credit report has been completely clean ever since. When will you need to buy/lease a new car?
2 years of a completely clean credit report and a FICO score in the fair to good range should be good enough.
