2007-08-26 11:45:38 · 11 answers · asked by Don 2 in Business & Finance ➔ Credit
Generally folks have a few late payments before the foreclosure. Also, other bills don't get paid in the shifting of money to pay the mortgage. So it's highly unlikely that you'd have an 800+ score by the time it got to foreclosure.
2007-08-26 12:31:50 · answer #1 · answered by bdancer222 7 · 0⤊ 1⤋
Someone asked this question on WikiAnswers and here is the answer they got:
Information about the specifics of credit scoring is largely emphirical and based on trial and error. The Fair-Isaac company, who pioneered credit scoring, is very secretive about the exact working of their software. In addition, credit scores compute ALL the information showing in your credit report each time it is calculated. Changes in your debt to available credit, other derogatory information (like late payments and collection accounts) and when these things occured are taken into account. History, specifically what has taken place in the last twelve months, is factored a full 35%. So if the foreclosure was within that time period and was removed, your score would recover a significant amount of points. If the foreclosure was older, it would not impact your credit score nearly as much.
2007-08-26 11:55:41 · answer #2 · answered by ds37x 5 · 0⤊ 0⤋
The good news is you are not alone. Today, especially with all the sub-prime mortgages going belly up there are more foreclosures than ever.
Your credit score will take a big hit. But, I think lenders will have to be more lenient then they have been in the past when evaluating credit worthiness based on what is happening today.
So, it is what it is and you should continue to maintain all of your other excellent credit habits that took you to over 800.
2007-08-26 12:02:43 · answer #3 · answered by Rob 2 · 0⤊ 1⤋
Do you know what bottom is? If your score drops to under 600, your chances of getting a loan are pretty slim with today's financial requirements.
If you're experiencing difficulties paying your mortgage, call 888-995-HELP. This a free counseling service approved by HUD to help folks during this mortgage crisis. Don't lose because you didn't make one phone call.
2007-08-26 11:51:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You'll be below 700 .
How did an 800+ FICO end up in foreclosure ?
>
2007-08-26 11:52:57 · answer #5 · answered by kate 7 · 1⤊ 0⤋
You will drop below 600 when that hits your credit reports.
2007-08-26 11:53:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You will drop below 600
2007-08-26 23:11:44 · answer #7 · answered by gab BB 6 · 0⤊ 0⤋
You will go down in the mid to low 600's
2007-08-26 11:50:28 · answer #8 · answered by Anonymous · 0⤊ 0⤋
try identityguard.com
they have a credit simulator and you can see exactly what will happen.. some other websites offer it too. I just use them personally.
2007-08-26 19:19:34 · answer #9 · answered by Richard S. 3 · 0⤊ 0⤋
I'm not sure on that, but I know it's harder than ever to buy again. My MIL lost 2 homes to foreclosure and it's impossible to buy again.
2007-08-26 11:52:38 · answer #10 · answered by J*A*K*C 5 · 0⤊ 0⤋