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What Happens to Credit Score After ForeclosureThe impact a foreclosure has on a person’s credit can vary in many different ways. Usually the credit score is based on many different factors such as debt to available credit, credit history, and so on. If the foreclosure had taken place during the last year, it will have a much greater impact on a person’s credit than if it occurred 10 years ago. In either case, lenders will be able to see this information on a credit report and will make decisions based on items such as this while looking at all of the positive marks on the credit report such as no late or missed payments for 3 years on car loans, mortgage, credit cards and more. It would be a good thing to get at least a secured line of credit to keep improving your credit score. |
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