lost 126 points on my credit score

[Devin Scott]

Hello BP, I am hoping someone has suggestions on what I can do different next time or what I can do to correct my problem. 

I contracted a rental property in April that I intended to BRRRR. The contract was for $24,200. This was a foreclosure from homepath so I put 10% down deposit. I used credit card checks for the rest. (they had 0% interest for 12 months) My goal was to buy this rental, rehab (only about $6-8k), rent it, refinance it, and repeat at least a few more times before I paid back the credit cards.

The deal was cancelled by homepath at the end of June a couple days before the second scheduled settlement date, due to title issues with the property. I just checked my credit and it dropped by 126 points in that time. I imagine because I was almost maxed out on 3 cards when i generally had been at about 10% of the max on those cards. Now I have a bank lined up to refinance if I buy that property if it comes back on the market or if I find another property. They are on board with my BRRRR plan except now I have bad credit.

I have since paid that money back to the cards, but is there anything i can do other than wait for that score to go up? 

Any advice is appreciated. 

[Ryan Dossey]

Credit Cards is a risky  way to do much of anything in Real Estate. I would just advise against doing that in the future. Having them paid off/down your score should creep back up. I tell people all the time to be careful with using credit. It can be one of your biggest tools or your largest stumbling block.