 Ever been let down and left in debt by 1 of your own family.? |
| I signed a contract about 5 years ago for someone and they didn't pay what I thought was 1 bill so I gave my daughter the money and she paid it on her card. I only found out last week there is ... |
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 Will transfering credit card balances to a new CC with a lower APR be bad for my FICO score? |
Is this practice equivalent to "debt consolidation" when it comes to credit reports?
Thanks in advance.... |
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 How long does it take to get a credit card and pin after the application is approved.? |
| i applied for a card and the pin has been sent,i am going on holiday in some days time,just wondering if i will get it before i travel.... |
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 So I had an............? |
| overdraft with my bank and I never paid it and its been almost a year later and they sent me letters earlier in the year telling me it was going to collections and I cant find the letters now so how ... |
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 I have a credit card debt collection agency trying to take my 1993 Toyota to cover a small debt of $1,500? |
| I have no job and my only source of income is Social Security disability. I have 4 kids, too. Because of a credit card debt of about $1,500, a collection agency here in NJ is threatening to take my ... |
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 I been trying to get a car loan and they ran my credit too much? |
| i have about 50 inquires onmmy credit report and i heard u can get them removed,, how would i go about that, i also would like to raise my credit score i have about 4 cards how long would that take???... |
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 Knowing that bad debts on your credit report don't come off for 7 years..? |
| I have heard that collection agencies can renew you're debt to credit bureus so that, essentially, what should come off after 7 years can never come off if the agency continues to renew it ... |
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 I was pre- approved for tribute credit card? |
| is it possible i will recieved it. it was telling me in the letter how much i will get once i recieve the credit card. and once i get it i would have to send a $20 fee. my mom said its very possible ... |
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 Can someone recommend a debt consolidation agency to help me with my credit? |
| I have a dept of no more than $3K --- should I go to a debt consolidator? If so, please recommend one...... |
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 I have really bad credit and need a $7000 loan to pay my debts? |
| i am only on centerlinc payments about $840 a fortnight so ineed low repayments i only want australian loans ... |
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 You know those blank checks you sometimes get with credit card promotions? |
| I did some grocery shopping for a lady I clean for and she reimbursed me with one of those checks. I told her it was a bad idea, but she doesn't have the money in her bank account to pay me back.... |
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 Is postdating a check illegal? |
| I live in the state of Wisconsin. This is my first time postdating a check. I didn't have money in my checking account due to me having to withdraw it to pay a hospital bill. I knew I got paid ... |
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 Will marrying someone with bad credit effect my credit? |
| My boyfriend and I are talking about marriage. I have a good credit score. Never late on payments, usually always pay off loans early. His credit is not so good. He was in a car wreck and basically ... |
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mrtharp3 | How much damage will a forclosuer do to a 720 credit score? |
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Kourtnie D
 |
Do EVERYTHING possible to prevent the foreclose. Sell - try to explore every option.
First of all, if your facing foreclosure then you don't hold a 720 FICA . Why? your already 3 months late on your mortgage and that has already impacted your score.
In addition, I don't think it is the score you should be worried about its the history. The he question being " How many lenders will loan you money if they know you didn't pay it back in the first place?"
With that being said I understand all to well things happen , life is not something we can control so if your forced into a foreclosure try to focus on getting a financial plan to gather and move forward towards your future, the past will drag you down.
Regardless what anyone may say ( experience speaks for its self) Anything can be repaired but prevention is the best solution when possible
Good Luck
Kourtnie D
Prosperity Financial, Inc |
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indiana_crank
|
Hi, quite a bit, from the link below, a foreclosure is 250 points or so. A short sale is 80-100 points. If you can get a short sale done, that would be better. A short sale is when you sell your house for less than it's worth, and the bank agrees to take the lesser amount rather than foreclosing on you and them being stuck with the house.
I'm all for people paying what they owe but if you got conned into buying a house that was way over your head, don't feel too bad about it, there's millions of people who got taken. Dave Ramsey has a great system but he never tells you to throw in the towel. A TON of people got ripped off in the latest housing bubble.
If for example you bought a $500,000 in California and the agent exagerrate your income and you had a teaser rate and now suddenly your mortgage payment has gone from 2000 to 4000 on a house that today is worth only $400,000 - walk away...just rent for a few years. Take the Fico hit. Don't go broke just to keep a stupid house. |
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shlomogon
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You will need a very good lawyer for this one. It will damage your credit significantly, so don't try to buy any property until you get things worked out. |
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It All Matters.~☺♥
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What credit? |
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src50
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Quite a bit. |
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epistrummer
 |
In short, a lot.
Foreclosing on a mortgage will realistically drop your credit rating at least 200 points. Probably the only thing worse is to declare bankruptcy.
It will take 8 years for a foreclosure record to disappear from your credit report, meaning you probably won't see a credit score approaching 700 again until that 8 year period is up. During that time you will encounter difficulty getting credit at fair rates, even if you handle everything else on your credit report properly. Banks will require more collateral, higher down payments on loans, and charge higher interest rates than you are used to.
If you are in danger of foreclosing, try to get out of that loan as soon as possible to minimize the damage to your credit. |
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beauty s
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a lot, sorry |
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Trust In The Lord
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Probably pretty much trashed. Can't see it being any better than going bankrupt. Can you? |
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imsety
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Lower your credit rating. |
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Alex q
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only about 200 points or so |
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