Reply
Contributor
Posts: 86
Registered: ‎06-19-2012
0

Deed in Lieu going through

So I've been working very hard at rebuilding my credit even though I'm going through a foreclosure on my home (due to divorce).  I just spoke with one of the attorneys for the bank the other day, and they are going to be able to process a Deed in Lieu of Foreclosure by the end of the year.  What does this mean for my credit score?  I mean I know it's going to hit it hard (just like the late payments for the mortgage have been for over a year now).  I have raised my score over 100points since June, so I'm just curious.  I have two more collection accounts on Experian - one of which I have arranged a PFD for.  I have two showing on TransUnion - one of which I have arranged a PFD for.  Equifax shows none.  My plan for now had been to garden and wait for my score to improve so I could apply for a refi for my car loan - but I'm wondering should I be trying to get that through before the Deed in Lieu hits my credit?


Starting Score: 539 EQ 06/19/2012
Current Score: 615 EQ 08/13/2012, 563 EX 07/27/2012
Goal Score: 700


Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Deed in Lieu going through

I think it is scored on par as the foreclosure, though I bet it'll look a little bit better with that comment in the eyes of lenders.

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.