How long will a foreclosure affect my FICO score?
A foreclosure remains on your credit report for 7 years, but It's impact to your FICO® score will lessen over time. While a foreclosure is considered a very negative event by your FICO score, its a common misconception that it will ruin your score for a very long time. In fact, it you keep all of your other credit obligations in good standing, your FICO score can begin to rebound in as little as 2 years. The important thing to keep in mind is that a foreclosure in a single negative item, and if you keep this item isolated, it will be much less damaging to your FICO score than if you had a foreclosure in addition to defaulting on other credit obligations.
source myFICO.com
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