I have a judgement against me ( I am making payments on this judgement to pay it off ) and my friend lost her house to foreclosure which is worse?
2006-12-19 17:25:11 · 5 answers · asked by Missymoo 2 in Business & Finance ➔ Credit
Foreclosure
2006-12-19 17:32:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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.
2006-12-19 23:36:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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.
2006-12-22 16:03:04 · answer #3 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
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.
2006-12-20 05:25:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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.
2006-12-19 17:35:50 · answer #5 · answered by Chris B 4 · 0⤊ 0⤋