How will a voluntary foreclosure on a credit card effect my credit?

Answer by  Roland27 (16334)

It is not going to look good, even if you voluntarily foreclosed on this account. Anytime you default on payments or get behind it starts to look bad on your credit and foreclosures of any kind don't look great either. You should look into rebuilding your credit to make up for this.

Answer by  tamarawilhite (17883)

A voluntary foreclosure will drop your credit score and raise the interest rate on all of your credit cards. It will also make it nearly impossible to get a new credit card without paying impossibly high interest rates. Attempt a short sale of the home instead of a foreclosure to prevent killing your credit.