If my credit score is 682. what will it look like after a foreclosure is placed on my credit report?
Question:
Answer:
The short answer is worse. It will look worse after foreclosure, no question about that. How much worse, though, is what we need to answer, and that will depend on what else is going on in your financial life.
If the mortgage is the only bill that you are behind on, but you have additional credit such as student loans, car loans, credit cards, etc., that you are paying on time, the foreclosure may have only a small impact. You might even be able to keep your credit score above 600, if you have other credit that is paid on time every month and you use credit wisely in general.
This is because the credit bureaus use your entire credit history to determine your score, not just what you do with your mortgage. Banks may still turn you down for a new mortgage if you apply soon after the foreclosure, but you will have an easier time repairing it and raising it back to the higher 600s.
However, the reverse is also true: if you are behind on numerous other bills in addition to the mortgage, then you might see your credit score drop below 500. A complete meltdown in your ability to pay bills will cause the credit bureaus to determine that you are very, very risky at the present time.
So, if you know that you will be in foreclosure, and there's nothing that you can do about it, then focus on fixing up the rest of your credit. Make sure to pay bills on time, remove old or inaccurate information, and work to get as much positive history as possible. That will help preserve your score as much as possible during the time that the foreclosure is very new.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
Considering that one 30-day late mortgage payment will bring down your score about 100 points, I'd say not too good:(
You can look for it to drop between 100 to 150 points depending on what makes up your score.
A foreclosure or a repossession are two of the worst things that can show on your credit without them being included in a bankruptcy.
550 ?
With a 682 , try harder to avoid foreclosure .
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Bad, very bad look for the low 500's at best
It will go down severely. If there's any way to avoid the foreclosure - DO IT!! This is the worst thing to have on your credit history.
Good luck!
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