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The housing market can be brutal. 1 in every 200 American mortgages are foreclosed upon each year.If you’re considering foreclosure, you need to know how it will affect your credit score.
Both a foreclosure and a short sale have similar negative impacts on your credit report. A foreclosure is generally considered worse because you’re not showing evidence of working through the issue with the bank you owe money to.
Once your credit score is hit by foreclosure, it can take up to seven years to recover. While you can build your credit back up slowly, it won’t be without its struggles. In some cases, your score may never fully recover. Here’s what you need to know about how a foreclosure will affect your credit score.
A foreclosure will pull your credit score down by a number of points. The amount will depend on your credit score before the foreclosure hits your report. If you have a below-average credit score, you will have to accept the fact that your score can drop by over one hundred points.
Unfortunately, the impact on those with higher scores is much more detrimental. If you have excellent credit before a foreclosure, you can expect your score to drop by over 150 points in most cases. The higher the credit score, the further it can fall.
If you have a poor credit score, banks will likely deny you for a loan or refinancing solution. Banks will typically see you as a high risk, which means that they won’t believe that you’ll be financially able or willing to pay back the debt.
As we stated previously, a foreclosure will likely stay on your credit report for up to seven years. The public record of your foreclosure will have its own opening date and will also show for seven years from the deposition date.
Over these seven years, you can gradually improve your credit score by paying your bills on time. However, you cannot fully recover your credit score until the foreclosure disappears from your record.
Even then, full recovery can be difficult, so it’s important to discuss your options with an expert as soon as you’re considering foreclosure so that you can manage your debt more effectively.
If you’re the owner of a business, you’ll need to accept credit card payments. Customers are always looking for the most convenient payment solutions, and some don’t even carry cash anymore. It’s not worth the risk of losing a sale because you’re unable to take card payments.
Unfortunately, many banks will be unwilling to work with you if you have a foreclosure on your credit report. You will be labeled as high risk.
Don’t let that worry you, though. At High-Risk Pay, we believe that your credit score shouldn’t be the only determining factor for the success of your business.
Apply for your high risk merchant account bad credit today!