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vetstorm91
New Contributor

foreclosure

I was told that after a foreclosure been on your credit for two years that your credit score will increase. Do anyone know if this is true?
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ShanetheMortgageMan
Super Contributor

Re: foreclosure

I have heard that negatives on your credit report that are 2+ years old do not impact your scores as much as items less than 2 years old, so that would also be the case for a foreclosure mark on your credit report. 

 

Further, if you were trying to get qualified for a VA mortgage, the foreclosure mark really should report 25 months ago... so for example if it's 9/17/2009 for the foreclosure sale date, that is just going to report as 9/09 on the credit report, so it's best to have your credit checked in October of 2011 since 9/09 on a credit report could also be 9/30/09, etc.

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