Which is worse a judgement or a foreclosure?
Question:
Answer:
Foreclosure
Foreclosure, you are trying to resolve your credit,she is not. New laws stop a person from easy bankruptcy,pay yours off you'll be o k, she has 7 yrs.
After researching this a bit..something most of these responders don't/won't do..
Some sites say a foreclosure is worse, but those sites are more geared to mortgage loans. So they are obviously biased.
A few others list "negative codes" in order, and foreclosures are lower then bankruptcies.
Since the scoring method is a protected secret, I don't think we will be able to find the exact answer.
They both have the same negative rating on your credit report. a level "9" of severity. They both will directly effect your credit score about the same, however a lender will be apprehensive if you have had a recent foreclosure.
it depends on how much your judgement is for. if it is more than her foreclosure than it is worse but a foreclosure is a very bad thing to see on a credit report.
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