Five ways foreclosure can have a significant negative impact on your credit score

1. Missed Payments: Payment history is a crucial factor in determining your credit score, accounting for about 35% of the total score. Missed payments can stay on your credit report for up to seven years, damaging your credit score.

2. Significant Drop in Credit Score: Foreclosure can lead to a substantial drop in your credit score-and can lower your credit score by 100 points or more.

3. Lengthy Negative Reporting, making it harder to obtain new credit or favorable loan terms in the future.

4. Difficulty Obtaining New Loans: Following a foreclosure, lenders will perceive you as a higher credit risk. If you do get approved, you may face higher interest rates and less favorable terms.

5. Negative Impact on Future Housing: A foreclosure on your credit report can raise concerns and make it harder to rent a home or apartment.

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