Posted on: 01st Oct, 2006 06:39 pm
Is it worse to have a fourslosure or bankruptcy on your credit?
Hi Csaubrey,
It is really not a good sign if your credit report mentions that you have gone through a foreclosure or bankruptcy. It affects your credit score negatively and lowers your chances of getting credit at the best avilable rates. This goes on until and unless you are able to build up good credit within a few years.
In general, foreclosure or bankruptcy stays on your credit report for at least 7 years. So, one needs to manage his finances well and try to be regular on payments and bills after he comes across foreclosure or files bankruptcy.
It is really not a good sign if your credit report mentions that you have gone through a foreclosure or bankruptcy. It affects your credit score negatively and lowers your chances of getting credit at the best avilable rates. This goes on until and unless you are able to build up good credit within a few years.
In general, foreclosure or bankruptcy stays on your credit report for at least 7 years. So, one needs to manage his finances well and try to be regular on payments and bills after he comes across foreclosure or files bankruptcy.
Hi,
Both foreclosure and bankruptcy damage a borrower's credit profile, so it's better to look for some alternative options other than these two processes.
Refer to our previous discussion in order to know How bankruptcy affects your chances of getting loans in future.
Thanks,
Sara.
Both foreclosure and bankruptcy damage a borrower's credit profile, so it's better to look for some alternative options other than these two processes.
Refer to our previous discussion in order to know How bankruptcy affects your chances of getting loans in future.
Thanks,
Sara.