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If you have to ask this question i can see why your home was forclosed, Of course it does, If you buy a brand new car and dont pay for ot and it gets repo'd dosent that effect your credit? Yes. Ok now how many cars can you buy for the price of a house 3-4. Okay so a forclosure is like 3-4 reposessions. Make sence???
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∙ 15y ago
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If my mother is an authorized user on my credit card and she is currently in the process of foreclosure would her foreclosure as an AU affect your credit?
No, having her listed as an authorized user will have no impact on your credit score.
How many points does foreclosure decrease your credit score?
how many points dose foreclosure decrease your credit score
How long will a foreclosure be on your credit report and how will it effect your credit score?
A foreclosure can stay on your credit report for over ten years. It will have a significant and negative impact on your score.
How many points will a foreclosure reduce your credit score?
Depends on credit score prior to foreclosure. If your score was higher before foreclosure, it might drop 200 points or so. If it was lower before foreclosure, it might drop closer to 100 points. It varies significantly.
How does foreclosure impact my credit score?
Foreclosure can have a drastic effect on your credit score. Your credit rating decreases with missed payments on your home, as well as other bills. In addition, the foreclosure itself can lower your score by over 100 points. In addition, a foreclosure can stay on your record for seven to ten years. Forclosure can and will have a very negative impact on your credit score. This is an unfortunate by product of the recent economic crisis.
If my mother is an authorized user on my credit card and she is currently in the process of foreclosure would her foreclosure as an AU affect your credit?
No, having her listed as an authorized user will have no impact on your credit score.
How many points does foreclosure decrease your credit score?
how many points dose foreclosure decrease your credit score
How long will a foreclosure be on your credit report and how will it effect your credit score?
A foreclosure can stay on your credit report for over ten years. It will have a significant and negative impact on your score.
How many points will a foreclosure reduce your credit score?
Depends on credit score prior to foreclosure. If your score was higher before foreclosure, it might drop 200 points or so. If it was lower before foreclosure, it might drop closer to 100 points. It varies significantly.
How does foreclosure impact my credit score?
Foreclosure can have a drastic effect on your credit score. Your credit rating decreases with missed payments on your home, as well as other bills. In addition, the foreclosure itself can lower your score by over 100 points. In addition, a foreclosure can stay on your record for seven to ten years. Forclosure can and will have a very negative impact on your credit score. This is an unfortunate by product of the recent economic crisis.
How much foreclosure effect your credit rating?
A foreclosure will substantially reduce your credit score in the short term and will remain on your credit for 7 years. If you do not get into credit shock after a foreclosure and continue to add good credit to your profile, e.g. secure credit card and pay other bills in a time--you will see that it will not have as much affect on your score in about 24 to 36 months. Creditors are concern about what you have done in the last 24 months. Your credit score is rating in the following many: Your payment history is 35% of your score and the amount owed is 30%, the length of time you have your credit is 15%, so the older is the better, the type of credit is 10%, and new credit is 10%. It is best that you keep this in mind and do not continue to improve your credit after a foreclosure.
How does foreclosure affect credit?
Your credit will be affected negatively with a possibility of your credit score dropping 200 or more points. Not sure if you are in foreclosure now but if you are not make sure to communicate with your banks regarding your situation to prepare for other options and at least the banks will be aware.
How long is your credit affected after a foreclosure?
Usually a foreclosure will lower a person's credit score by 250 points, and sometimes by as many as 280 points. The foreclosure stays on a person's credit report for seven years.
Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
How long will your credit be bad after a home foreclosure?
The damage to your credit score and how fast it recovers depends greatly on the rest of your credit history. Someone who has no other issues will rebound faster than someone who had other late payments or a lower score to begin with. If the foreclosure is the only issue, the score should begin to rise within a few months and may slowly recover to pre-foreclosure leves over the next couple years. The score is separate from the actual foreclosure reporting as a derogatory item as far as obtaining new credit. It is possible to have an acceptable or good FICO score with a dated foreclosure on your credit and still not be able to get credit because of the derogatory item. The foreclosure itself will report for 7 years but it's impact on your score will less as time goes by.
Which hurts a credit score more bankrutpcy or foreclosure?
Both can hurt a lot, but your credit still can be restored after this.
Is a short sale better than foreclosure?
In most cases it is preferable to foreclosure. I disagree. A short Sale has less impact on your credit score than a foreclosure.
