Will points be added to credit score once foreclosure drops

maurymo · Joined: 28 Jul 2008 Posts: 1 1.27 Dollars($)

Will points be added to credit score once foreclosure drops off?

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi maurymo.

Welcome to the forum.

Are you saying if foreclosure is removed from your credit report then whether or not the the points will be added? If so then ........actually foreclosure remains on your credit report for 10 years and the only way to improve your credit score is paying all the bills on time and don't close your old accounts.

Best of luck,
Larry

banker0679 · Posted: Wed Jul 30, 2008 9:28 pm Post subject:

Removing items MAY help you AND may HURT your credit score.

If a negative item is the oldest account on your credit report, then removing it may lower your score. Credit scores heavily relies on the history of your credit file. If you remove old history, then it will more than likely hurt you.

If it's the only negative remark on your credit report, then more than likely it will help you.

You may build your credit score by having a diversity of credit tradelines, and making on time payments.

jdlegall · Joined: 29 Sep 2008 Posts: 23 16.62 Dollars($)

It all depends on what is in your credit report.

If your foreclosure drops off and nothing else changes then yes, your score should go up.

If your foreclosure drops off and you miss payments on all of your credit cards then your score may not go up that much.

If your foreclosure drops off and a bankruptcy drops off as well then your score should go up a bit higher than if it was just a foreclosure. You would have to analyze your credit report and the scoring percentages to see how much of an impact you will have.

Payment history 35%
Amount of debt 30%
Length of credit history 15%
Amount of new credit 10%
Types of credit 10% (revolving/installment)

Hope this helps.

So, you see, it all depends on what is in your credit report.

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