Can You Buy A Car From Another State Through Financing How Bad Does Foreclosure Affect Your Credit Rating?

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How Bad Does Foreclosure Affect Your Credit Rating?

How Badly Does a Foreclosure Affect Your Credit Rating? is a quiet question nowadays. A foreclosure can dramatically affect your credit rating and should only be considered as a last resort. It is rumored that a foreclosure can affect your credit score by 200-300 points. This means that if you have an excellent score of 800, it will drop your score down to 500, which is considered a negative credit score.

It is mandatory that a lender does not offer you any financing for 24 months after the foreclosure. This limit is not only intended for housing financing but for any type of credit. So you won’t be able to buy a car, take out college loans, or even finance something as small as a computer. It can also affect your ability to find an apartment since landlords use your credit score as a means of determining how reliable you will be as a tenant. The same can be said about trying to get a phone or cable number, as they will also run your credit to determine your reliability.

The good news is that the harmful effects of a foreclosure can begin to reverse after the 24-month period has passed. A foreclosure will not be completely removed from your record until after seven years; however, some lenders will offer you financing after two for small loans. You can expect to be able to buy a home again from some lenders after about five years; however, you will definitely be assessed a very high rate of interest. If you choose to finance a home with a high interest rate, you will be able to refinance the home after the foreclosure hits your credit report assuming you have a stable payment history.

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