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How does foreclosure affect your credit?

Foreclosure negatively affects anyone’s credit score. The exact amount of points you lose after the foreclosure event cannot be calculated. Credit agencies do not expatiate on their scoring algorithms; so even if you receive a particular number of points that will be deducted from your score, there is no guarantee that this amount is exact. Moreover, different agencies have different scoring algorithms and their own unique rules and weights for every piece of data on your credit report. And the factors that weight more for every particular agency may vary but they all come together to a number that will be pretty much the same wherever you go.

The total damage to a credit score in points heavily depends on your original score. And, unfortunately, the higher the score you had, the more damage you will suffer. For instance, if you had about 680 FICO points, you will lose up to 110 of them while a person with the FICO score of 780 will get a deduction of up to 140. Each drop is calculated uniquely for every person, so there is no one-size-fits-all. Yet, with a high score, the foreclosure event may knock it down by even 400 points.

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