After a house foreclosure, what happens with ones credit report?
Question:
Answer:
Foreclosures take roughly seven years to remove or to 'expire off'. But make sure you don't try to fight it off your credit report like some people do, as some lenders will kick back and recycle it to make sure it shows up as a newer line item on your report. :-)
But don't worry, there's other ways to get credit aside from personal credit. You could have someone co-sign it. Also, if you wanted to learn how to invest in foreclosures like what the rest of the real estate market is doing, read the book below.
You will have the forcloser on your record for 10 years now, and it will take a long time to fix the problem
Your score will drop anywhere from 100-150 points and it will show on your credit for 7-years.
A foreclosure or repossession without a bankruptcy are two of the worst things that can show on your credit.
It will make it very hard to secure any type of loan for several years without huge down payments, fees and State maximum interest rates.
A foreclosure is about the worst thing that can be on a credit report. Don't plan on any new credit for a long time.
The house foreclosure goes on your credit report & will stay there for 7 years so you might have trouble getting credit until then.
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