How long does a home foreclosure and car repossesion stays on your credit history?

Question

How long does a home foreclosure and car repossesion stays on your credit history?

Answer 1

Both stay on your credit for 7 years.

Banks will usually "ding" you under underwriting guidelines by denying lending ability on average for 3 to 5 years if you have had a foreclosure.

Most banks will deny you outright if you have had two major financial events on your credit, such as both a reposession and a foreclosure, or a foreclosure and a bankruptcy.

If any outstanding debt turns into a judgement, that stays on for 10 years and is renewable every 10 years....FOREVER...that is the difference between a judgement and a collection.

Answer 2

seven years

But the negative effects can be overcome IF you are NOW making good decisions.  If you have continued in a series of poor decision making and poor money management, they can be the knock-out blow.

BUILD your credit by paying all bills every month, on time.

SAVE money for security deposit, down payment on car, home, emergency

SAVE money for your retirement, join the 401k at work