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re: What's your opinion of people who are underwater on their mortgages?
Posted on 6/16/15 at 12:31 pm to Catman88
Posted on 6/16/15 at 12:31 pm to Catman88
quote:
If you believe your score would be 797 today had you walked away you are an idiot. Your score is 797 today BECAUSE you didn't walk away. Not sure how you don't understand that.
Even with a foreclosure, my current credit score would be in the 700-750 range: good, or at least, good enough for me. Today I buy zero, zilch, nada on credit. I have a molding B of A credit card in my wallet with 15K credit authorized. For extreme emergencies only.
I am out of the debt game entirely--and will stay so, inshallah Allah.
1
Posted on 6/16/15 at 12:42 pm to TigerPanzer
quote:
Even with a foreclosure, my current credit score would be in the 700-750 range: good, or at least, good enough for me
Based on what?
I know I consider myself pretty much an expert in the FICO world. But I have never heard of a foreclosure only costing someone 47-97 points. Its generally closer to 200 points.
But don't take my word for it:
quote:
Experts estimate that a foreclosure will lead to a dip in your credit score of about 200 or 300 points. So let's say you had a near-perfect 800 FICO score pre-foreclosure; after the foreclosure, you might have a credit score that was more in the 600 or lower range, which is considered bad (FICO scores range from 300 to 850).
LINK /
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