You may be wondering what impact an eviction will have on your credit score. Assuming that one or more of the 3 main credit bureaus has picked up your eviction case, the drop depends upon where you started. For example, if your FICO score was below 680 before the case was filed, your score should drop down to the 575-595 range. If your FICO score is between 680 and 720, an eviction case could lower your score to between 570-590. If your FICO score is over 780, then an eviction case may lower your score to between 620-640.
The next questions is how long will it take for my FICO score to recover after the eviction? That, too, depends upon your beginning score. For those who started with scores under 680, it may take up to 3 years of on-time payments to get back to 680. For those who started with scores above 680, it can take as long as 7 years to get your FICO score back to where it was.
Source: FICO Banking Analytics Blog
Tuesday, January 17, 2017
Monday, April 4, 2016
Saturday, February 27, 2016
Winter Evictions in Chicago
The Cook County eviction courts are busy places and people fall behind on their rent all year round. Chicago has a long, cold winter and tenants sometimes think that the Cook County Sheriff will not evict them during the winter. This is actually an urban legend.
Here is when the Cook County Sheriff will not evict: (1) during the Christmas moratorium imposed by the Court every year from around December 18 to January 3; (2) when it is 15 degrees or colder on the day of your eviction; and (3) whenever extreme weather conditions endanger the health and welfare of those to be evicted. Source - Cook County Amended General Order 2013-07.
Over the last two winters we had a lot of days below 15 degrees and a huge Chicago eviction backlog piled up. I saw evictions take as long as 8 weeks to complete.
According to the news, winter 2015-16 will have a strong El Nino in the Pacific Ocean. That means we may be in for a very mild winter. Don't expect a lot of 15 degree or colder days in Chicago.
Friday, February 19, 2016
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