I have a foreclosure on my credit report. How long will it take to remove it?

Recently, a house that I purchased as an investment was foreclosed by the bank. Nothing I can do about it right now. However, is there any way to clean up my credit report so that I can buy a home for myself in the future? I want to sell my current home and bank the money. I'm trying to figure out what's the best timetable to do this. Any recommendations or steps to take? Thanks.

I have a foreclosure on my credit report. How long will it take to remove it?
Just bang some bank employees in hopes of getting a mortgage.
Reply:you must wait about 7 years then con a banker into giving you another loan...and make your payments on time untill then...
Reply:Derogatory account stay on your credit for 7-years from the date of first delinquency.





As far as buying another home, you need to wait at least 2-years for F.H.A.





Pay everything as agreed, never be late and save money for your down payment and you should be in decent shape after the 2-years is up.
Reply:I was going to answer this, but I see Spifiman beat me to it.





Can not really add anything to what he advised.





Sorry about you losing your house hon.
Reply:It cannot be removed if it is accurate.





You can improve your credit report by:





1. Going to annualcreditreport.com and obtaining your credit report form the three agencies, checking for inaccuracies and having them corrected. The site will tell you how to do that.





2. Making sure that you pay all bills before the due date.





3. Reducing your credit card debt by paying more than the minimum due and by paying off the highest interest card first.





3. As strange as it seems open more credit cards if you can. Do not use them. Your credit rating is determined by a debt to available credit ratio. The more unused credit you have the better it is.





In most areas it is not a good time to sell. Prices are down and buyers really want bargains. The stock market is down and interest rates are deteriorating. I would wait to sell if you could.





I am sorry that you lost your investment house by foreclosure. It has unfortunately happened to many others.
Reply:You will wait 7 yrs before it will be removed.