@Anonymous wrote:
I do have a mortgage and have never been late with my own. Plus, all MY credit cards have been paid on time, never late. It's just my son's mess that has me worried. For now, there is no looking forward to retirement. Must keep working till this mess is straightened out. But, I WOULD like to re-establish my own credit.
Speaking of credit cards, be really, really, really fastidious about checking your credit limits on your cards. One unfortunate fallout of foreclosure is that when the CCCs do their routine credit checks and see the foreclosure, they will sometimes cut your credit limit down to the amount owed. If you use your credit card without realizing this change, you could be hit with massive overlimit fees. Some CCCs cancel credit cards outright.
Don't cancel any credit cards you currently have, and keep up your practice of always paying on time. It's unlikely that you're going to be able to get a new credit card anytime soon. Hopefully you don't have any immediate need to refinance your own mortgage, because it is going to be impossible to get a new loan for a long time (anywhere from 3-7 years, I believe).
Sorry about your unfortunate situation. Just work hard to preserve what you have.
