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From 800+ to Foreclosur​e - How Negatives Affect Your Score

Established Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


akdream wrote:

About 5 years ago I went through an intentional foreclosure as well due to returning to school after living out of state for several years and pumping money into an underwater mortgage that was underwater and severely damaged by a previous tenant. My one regret was not pulling the trigger on dumping the house earlier. OP, it sucks to have happen, but you'll be fine in the long run and probably sleep better at night without that payment hanging over your head. Good luck.


If i knew I wouldn't have been able to sell the house a year ago, I would have let it go then and just saved up an extra $14,000. 

 

On a side note, my EX08 finally updated.  So here is my breakdown with just one 30 day late reporting:

EX08:   814 ---> 702 (112 point drop)

EQ04:  790 ---> 697 (93 point drop)

TU08:   829 ---> 705 (124 point drop)

Message 21 of 166
Frequent Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

akdream wrote:

About 5 years ago I went through an intentional foreclosure as well due to returning to school after living out of state for several years and pumping money into an underwater mortgage that was underwater and severely damaged by a previous tenant. My one regret was not pulling the trigger on dumping the house earlier. OP, it sucks to have happen, but you'll be fine in the long run and probably sleep better at night without that payment hanging over your head. Good luck.


If i knew I wouldn't have been able to sell the house a year ago, I would have let it go then and just saved up an extra $14,000. 

 

On a side note, my EX08 finally updated.  So here is my breakdown with just one 30 day late reporting:

EX08:   814 ---> 702 (112 point drop)

EQ04:  790 ---> 697 (93 point drop)

TU08:   829 ---> 705 (124 point drop)


wow, it is amazing to get insight into this

Message 22 of 166
Frequent Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

Wow! Sorry to hear about your situation.

 

But SOOOOO excited to follow along on your journey!  Thanks for sharing it.  Should provide numerous insights.

Message 23 of 166
Valued Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

I understand how tough this decision must have been. And from a purely mathematical standpoint I think it is fantastic that you are sharing the details in real time. We get lots of datapoints of people on the flip side but its very rare to get to watch it go the other way. Thanks and good luck rebuilding.

I've got some cards, got my house and got some scores with a 7 in front. Now what? Oh yea, live some of that life stuff.
Message 24 of 166
Valued Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

I am so sorry to hear about what you are going through. I am sure this has been very painful.

Thank you for your willingness to share what happens score-wise through this. I can share with you that about 2-1/2 years ago or so my wife and I completed a foreclosure. Our scores were in the 780-785 range when we had the significant life changing events. At the very worst of the process, our scores went down to about the 520 range or so. The good news is that we recovered score-wise quicker than I thought we would. At the moment everything was complete, I made sure that everything was paid on time and we worked real hard to bring credit card balances down to nothing but about $10 a month reporting. You can see see our scores below. We are now in the 720 range. We are not in the 780 range like we had been, however given what we went through, I am fairly pleased with the scores.

We did not experience much AA from other creditors, I suspect because all credit cards were paid on time through the foreclosure, other than one account that I had to settle on. Capital One did lower our CL for six months, but then raised it right back up, I assume because we showed that we were not late and brought balances down. All other creditors left us alone, however they sure seem to SP us about every two hours, I am sure to keep an eye on us.  Smiley Happy

Best wishes through this process. If you continue as planned, please do keep us updated in regard to the scores.

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Dec 2017: EX8: 736; EQ8: 736; TU8: 747; EQ04: 734 FICO 9 Scores about 50 points higher
In My Wallet: Discover $63.7K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $209.8K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 25 of 166
Super Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

akdream wrote:

About 5 years ago I went through an intentional foreclosure as well due to returning to school after living out of state for several years and pumping money into an underwater mortgage that was underwater and severely damaged by a previous tenant. My one regret was not pulling the trigger on dumping the house earlier. OP, it sucks to have happen, but you'll be fine in the long run and probably sleep better at night without that payment hanging over your head. Good luck.


If i knew I wouldn't have been able to sell the house a year ago, I would have let it go then and just saved up an extra $14,000. 

 

On a side note, my EX08 finally updated.  So here is my breakdown with just one 30 day late reporting:

EX08:   814 ---> 702 (112 point drop)

EQ04:  790 ---> 697 (93 point drop)

TU08:   829 ---> 705 (124 point drop)


Well that didn't take long Smiley Happy

 

Sorry to hear about the challenges, lots of others out there who are still underwater. Thanks for sharing!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

5 / 24 counting down to 1 Nov 2017... wait I guess it's 18 Dec 2017 to get 4/24
Message 26 of 166
Valued Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

Sorry that you have to go through this but thanks for posting it. Subscribing to follow your progress. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 27 of 166
Established Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


EW800 wrote:

I am so sorry to hear about what you are going through. I am sure this has been very painful.

Thank you for your willingness to share what happens score-wise through this. I can share with you that about 2-1/2 years ago or so my wife and I completed a foreclosure. Our scores were in the 780-785 range when we had the significant life changing events. At the very worst of the process, our scores went down to about the 520 range or so. The good news is that we recovered score-wise quicker than I thought we would. At the moment everything was complete, I made sure that everything was paid on time and we worked real hard to bring credit card balances down to nothing but about $10 a month reporting. You can see see our scores below. We are now in the 720 range. We are not in the 780 range like we had been, however given what we went through, I am fairly pleased with the scores.

We did not experience much AA from other creditors, I suspect because all credit cards were paid on time through the foreclosure, other than one account that I had to settle on. Capital One did lower our CL for six months, but then raised it right back up, I assume because we showed that we were not late and brought balances down. All other creditors left us alone, however they sure seem to SP us about every two hours, I am sure to keep an eye on us.  Smiley Happy

Best wishes through this process. If you continue as planned, please do keep us updated in regard to the scores.


Thanks for posting EW800.  I saw your signature in other threads and hoped this one would peak your interest Smiley Happy  I'm hoping to stay above 600 once this process is complete since the FICO damage report indicates I should.  The foreclosure is going to be the only negative and I wil still maintain around 1-2% utilization.  It's good to see that you brought yourself a good amount of points in less than 3 years and I hope I can be back in the 700 range in a similar timeframe!  

 

P.S. I am actually considering buying the 3-bureau monitoring for a few months so that you all will be able to see how other industry scores are affected, thoughts?! 

 

P.S.S  With the 3 bureau monitoring, do all your industry scores get updated when you get an alert or do you only get to see all flavors of FICO when your buy the reports by themselves?

Message 28 of 166
Valued Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score

no, you just get the initial pull with the industryscores. They dont update unless you make new pulls.

I've got some cards, got my house and got some scores with a 7 in front. Now what? Oh yea, live some of that life stuff.
Message 29 of 166
Valued Contributor

Re: From 800+ to Foreclosure - How Negatives Effect Your Score


JagerBombs89 wrote:

Thanks for posting EW800.  I saw your signature in other threads and hoped this one would peak your interest Smiley Happy  I'm hoping to stay above 600 once this process is complete since the FICO damage report indicates I should.  The foreclosure is going to be the only negative and I wil still maintain around 1-2% utilization.  It's good to see that you brought yourself a good amount of points in less than 3 years and I hope I can be back in the 700 range in a similar timeframe!  

 


Yes, your post certainly did peak my interest!   I hate to hear what you are going through, however I will admit that I am looking forward to reading the updates as to how this goes for you.  As far as your goal of staying above 600, I would hope that you have a good chance of that.  At the same time that we had the foreclosure, I was doing a settlement on a credit card, so we were getting spanked for two major baddies.  Hopefully with you just having one, you The damage will not be as bad and you will recover quickly.  

 

Something else I will point out is that our scores starting going back up as soon as the foreclosure was complete.  I guess by that time it means the worst of the damage is done.  I thought we would see the bottom of the barrel for quite a while, but I guess as soon as the reports showed $0 balance the FICO God's figured it can't get much worse from there.  We started seeing score increases every month that everything else showed on-time.  

 

Lets stay in touch!  

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Dec 2017: EX8: 736; EQ8: 736; TU8: 747; EQ04: 734 FICO 9 Scores about 50 points higher
In My Wallet: Discover $63.7K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $209.8K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 30 of 166