I have a foreclosure that will come off my credit report next month. How much should I expect to see my score increase? Is there anything additional I will need to do?

While a foreclosure can have a big impact on your credit score when it is first added to your credit reports (estimates are that a foreclosure can cause your score to drop between 85 and 160 points according to Fair Isaac), this impact lessens over time. If you have had the foreclosure on your reports for close to seven years, then the impact it is having on your score is much less than when it was first added. Once it drops off, you can expect your score to increase somewhat, but not in the 100 point range. Exactly how much it will increase will depend on what other positive and negative listings are on your credit reports.

If you have had the foreclosure on your credit reports for 7 years (the maximum time period it can be reported by the credit bureaus), then it should be removed automatically without you having to do anything. If it is not, then you can submit a dispute to the credit bureaus stating that the foreclosure is being reported inaccurately.

There are other factors involved, so predicting a score increase is tough. But, expect a score increase non the less.