How bad foreclosure affects your credit rating
Credit Rating, Foreclosures & Finance | (0)
A foreclosure should only be considered as the last resort for it can drastically affect your credit rating. In fact, a foreclosure can affect your credit score by about 200 to 300 points. This means that a credit score of 800 can be lowered to 500. This results in a negative credit score. After a foreclosure, it is mandatory that you should not receive any financing from a creditor. This means that you will not be able to get loans, buy a car or any financing.
Your low credit rating may also affect your ability to get an apartment as most ...