What happens to your existing credit cards if you foreclose your home? How about new credit cards?
May 13, 2007 by admin
Filed under Questions and Answers
giobarricader asked:
Hello. I have a great credit score as of now, but things will certainly change once I fall to foreclosure on my home. 1) Will I lose my existing credit cards? 2) Will I be able to get new ones?
Hello. I have a great credit score as of now, but things will certainly change once I fall to foreclosure on my home. 1) Will I lose my existing credit cards? 2) Will I be able to get new ones?
Also, does anyone know how many points you lose with forclosure?
Thank you.
Content
tro on Sun, 13th May 2007 5:42 am
your credit card companies are in the position of canceling any of them without a good reason due to the downturn in the economy
if you don’t use it much, they will likely cancel it, if your payment schedule has been not so good, they might cancel
more than likely they are not informed of your foreclosure
possibility of not getting a new card would be less if you had a bankruptcy
and the foreclosure will definitely affect your credit score
golferwhoworks on Sun, 13th May 2007 6:20 am
credit card company’s routinely run a credit file on all clients and the foreclosure will show up at some point in time. New cards are not going to happen once you fall behind on the mortgage note let alone foreclose. The foreclosure will kill your scores by 150 or more points at least