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How many points does a foreclosure count against your credit score?
Wiki User
∙ 8y ago
Credit scores are calculated based on ALL the information in a consumers' file at the time the score is requested. Without detailed data about the complete context, even a guess would be inaccurate. Credit scoring software is also proprietary. If Fair Isaac told us how they figure out scores, they would be giving away their business secrets.
There is a lot of general information on the factors taken into consideration. You can find general guidelines at www.ftc.gov and at www.myfico.com
Wiki User
∙ 8y ago
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How badly will one's credit be affected if a mortgage on a house goes into foreclosure shortly after closing on a second?
A foreclosure will cause a significant decrease in your credit score. The entry will count against you once in the "trade lines", which is the part of your credit report that contain information about your accounts. It will show again in the public record portion, once the legal action of foreclosure is actually filed. The legal entry has its own statute of limitations which may extend beyond what the trade line will. The hit to your score for these double entries are calculated based on their reporting/filing date. History accounts for 35% of the score. So two significant hits in one 12 month time period would add up to a huge deduction. In addition to the computation on your credit score; lenders also look at the details of your credit as well. No mortgage lender is going to look favorably on a foreclosure, no matter what the details.
Can you use federal financial aid as a source of income for a loan?
No, that is getting a loan with a loan. If anything it will count against your credit worthiness.
Does a home equity line of credit count against your equity when refinancing?
Yes, if you have used any of the credit available to you. For example, if you have used $10,000 of a $20,000 line of credit then you have to add that $10K to the balance of the total owed on the property.
Does it count as a foreclosure if you already filed bankruptcy?
Yes, a BK does not negate foreclosure action it simply delays it. For the homeowner to avoid such action they must reach a solution such as reaffirmation of the lending contract with the mortgage holder.
Does credit count for a 203b loan?
Yes, a good credit score (credit history) is required to be approved for an FHA 203(b) loan.
Does a log book violation count points against a cdl?
Points against your license, no. But it does put points... and a pretty substantial number of them, at that... on your CSA report.
Does an over weight violation count points against a cdl?
No, and as far as I know, it doesn't count against your CSA 2010 score, either.
How badly will one's credit be affected if a mortgage on a house goes into foreclosure shortly after closing on a second?
A foreclosure will cause a significant decrease in your credit score. The entry will count against you once in the "trade lines", which is the part of your credit report that contain information about your accounts. It will show again in the public record portion, once the legal action of foreclosure is actually filed. The legal entry has its own statute of limitations which may extend beyond what the trade line will. The hit to your score for these double entries are calculated based on their reporting/filing date. History accounts for 35% of the score. So two significant hits in one 12 month time period would add up to a huge deduction. In addition to the computation on your credit score; lenders also look at the details of your credit as well. No mortgage lender is going to look favorably on a foreclosure, no matter what the details.
What If You only have ticket 4 points will your insurance go up?
It depends what you got the points for. Most moving violations will count against you.
I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
Can an unpaid balance on auto insurance effect your credit?
Unpaid balances owed to insurance companies will be sent to collection agencies and will count against your credit.
Will marrying a convicted felon effect a person's credit?
no. the credit companies can look at YOUR record but they usually dont even look at it anymore. and when they do it doesnt count against you.
Does it effect your credit score when employers check your credit?
No it does not -- it is called a soft inquiry. The credit bureaus classify companies who pull a credit report. Some companies pull credit reports for lending, others use credit reports for non-lending purposes. Hard inquiries are those that count against credit scores and are from lenders upon an inquiry for credit. Soft inquiries or those used for non-lending practices do not count against credit scores. From the classifications used by credit bureaus, the credit scoring system can determine the type of inquiry (whether for credit or otherwise) that is pulled.
How do you count points on a deer?
In what is called eastern count, all of the points are counted. A deer with 4 points on one side and 5 on the other is a 9 point buck. Out west, the same deer would be called a 4-by-5.
Can you use federal financial aid as a source of income for a loan?
No, that is getting a loan with a loan. If anything it will count against your credit worthiness.
Does a home equity line of credit count against your equity when refinancing?
Yes, if you have used any of the credit available to you. For example, if you have used $10,000 of a $20,000 line of credit then you have to add that $10K to the balance of the total owed on the property.
Does a overweight ticket in Texas count against your cdl?
It won't add points to your CDL, but it can affect you with the CSA 2010 rating system.
