Increasing your FICO score may take time and often there is no quick fix. FICO scores reflect credit payment patterns over time with an emphasis on recently reported information than older information. There is good news, your old credit doesn't last forever. FICO scores range from 300-850, and most people score in the 600s and 700s. FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders. If you are looking for a home or car loan, lenders typically practice tiered pricing, with interest rates rising as scores go down. If lenders have their best rates offered to borrowers with a score of 700 or higher and yours is a 698, those two points could cost you thousands of dollars. (Read More.....)
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Some people think that the worst that can happen out of a foreclosure is having 7 years of bad credit, but here are some things you may not have known. Have you heard of what is called a "deficiency judgment"? A deficiency judgment is a judgment lien against a debtor whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. This option may or may not be available to the lender, depending on whether they have made a recourse or nonrecourse loan. 
Do you know what is on your credit report? Would you know if someone has a mortgage out in your name? Getting your credit report is the very first thing you need to obtain if you are looking for a home, and also before you set up an appointment with a banking officer. To get your free annual credit report from equifax online at 
The subprime industry was at one time, an option given to those with damaged credit, and people who had few options to obtain a home. Much research has shown that an astounding number of people who mortgaged under a subprime loan could have qualified for much better. We have a combination of lenders wanting to pocket quick money and a buyer that wasn't educated on the biggest decision of their lives.