It takes a VERY long time. I had a mortgage that went into foreclosure (the house sold for $40K more than the loan before the bank took it) back in 2006. My FICO credit score is just now getting into the 700 territory, which is what is needed to get the best rates at our credit union. We refinanced our house a year ago, and they would not give us the 3.5% rate if I was on the mortgage. (I am on the title). They said my credit score was in the 680's and we would have to settle for a much higher interest rate. The only negatives on my credit report was the foreclosure (90+ days late) and one settled credit card account that just fell off. It does not take a lot to destroy your FICO score, and the only thing that can really heal it is time. Lots and lots of time.
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