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Will a foreclosure on your credit report affect your ability to get student loans in the future?

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2006-09-15 00:53:55
2006-09-15 00:53:55

Absolutely. Your credit score affects all aspects of lending...approval/interest rate etc. If a bank/creditor sees that you have forclosed on a home, they will be less likely to lend you money especially unsecured money like for a student loan.

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Related Questions


In the US, no your eligibility for student loans is not dependant on credit or income.


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.


Generally a student loan does not affect your credit rating



A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.



A foreclosure will typically remain on your credit report for seven years.



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.


The foreclosure will be on your credit report indefinitely.


Yes, they are like any other loan. they are listed on your credit report and affect your score.


I hate to sound like a lawyer, but it depends. If you have separate credit reporting accounts, it may affect the wife's credit slightly. If there is only a joint credit account, yes, it will affect the wife's credit the same as the husband's. You can ask the 3 major credit reporting agencies (Experian, TransUnion and Equifax) to separate out your credit histories. If the foreclosure has already started, it may be too late. Get a free credit report from each (once each year) at www.annualcreditreport.com.


7 years + 180 days from date of first delinquency.


The foreclosure will affect your credit record. You are fully responsible for paying the loan.


how many points dose foreclosure decrease your credit score


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.


Foreclosure is a very damaging entry on a CR, and will cause problems if the person tries to obtain credit (especially another mortgage), in the future. Foreclosures remain on a CR for seven (7) years. Here is an interesting article I read just today on this topic. Here have a look: http://www.mortgagetonight.com/2009/01/how-foreclosure-affects-credit/


Student loans through FAFSA is not credit based so no it will not. Private student loans is a diffrent story, which is based on credit.


No, but is will affect your credit report.


If the student loan is taken out in the name of the student then no. The student's credit score is separate from anyone else's. If the student loan is taken out in the name of the parent or with them as cosigner then yes - their credit scores would come into play.


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.


A foreclosure can stay on your credit report for over ten years. It will have a significant and negative impact on your score.


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.



A foreclosure will show on your credit for seven years from the date of last activity. The federal statue of limitations is also seven years for the legal notice of foreclosure in the public records portion of your credit report. There may be other state laws which extend this statue of limitations. The Fair Credit Reporting Act is worded "...whichever is longer..."



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