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You will get a big hit you your credit score but you can start rebuilding it over time. Just make sure you pay your bills on time, don't close credit cards and use your credit wisely (i.e. maintain a balance of below 30% on each credit card). If you do that within 2 years you can purchase a new home.
What else can I help you with?
How long does a foreclosure stay on your credit report?
A foreclosure will typically remain on your credit report for seven years.
Is there still a past due amount on your credit report after foreclosure?
The foreclosure will be on your credit report indefinitely.
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 does foreclosure stay on your credit report?
A foreclosure will typically remain on your credit report for seven years.
How many points does foreclosure decrease your credit score?
how many points dose foreclosure decrease your credit score
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.
Can you lose your general contractor license or your real state license if you have foreclosure in your credit?
You will not lose your general contractor license or your real estate license if you have foreclosure on your credit report. A foreclosure or bad credit is not a disqualification for these types of licenses.
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.
Can you buy a house if you have a foreclosure on your credit?
you must restore your credit.
Can you get a foreclosure off your credit report?
A foreclosure will be expunged from a person's credit report after seven years have expired from the time the foreclosure was reported. Valid information on a credit report cannot be removed until the required time limit for reportage has expired.
Does a timeshare foreclosure hurt your credit after a bankruptcy has been discharged?
Any foreclosure or bankruptcy affects your credit. And for anywhere from 7 -10 years.
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.
