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how many years will forclosure affect my credit rating?

Tue Jan 29 2008, 16:25 - All locations - Foreclosure - 3 answers
 
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Zane
Home Seller
in Iowa
Zane, Home Seller in Iowa in Iowa
Answers (3)
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Ellen Chung was FIRST TO ANSWER
Even when a foreclsoure does not appear on your credit record, it is possible that a credit application may inquire if you have ever had a foreclosure.

Nothwithstanding my post, and the others which indicate that a report of a foreclosure has a long life, it does not mean that you will never be able to buy a car, have credit, or buy another home. You might have to place a larger down payment, and you might have to prove reserves in the bank, and your rate may be slightly higher, but do not think that all opportunities have forever vanished.

Tue Jan 29 2008, 18:38
 
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Ellen is right,

I've seen car loans, Visa cards, student loans and old Sears cards from 12 years ago still sitting on someones credit report ...

Your credit is like a 3 legged stool ... once the foreclosure hits, down goes the other 2 legs ... that means any standing or future lines of credit like car loans, insurance, credit cards, even utility companies will limit, increase or just plain cancel you.

.. thats just food for thought ...

Tue Jan 29 2008, 18:09
 
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FIRST ANSWER
A foreclosure remains on your credit for a minimum of seven years. Unfortunately there is no way to guarantee this -- I've seen foreclosures remain on credit reports for up to ten years as well. Let me know if you need more information since this is a pretty straightforward question. Best of luck.

Tue Jan 29 2008, 16:33
 
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