Having a bad credit score has become commonplace after the great recession and it seems almost everyone knows somebody with a bad credit history. Loans become difficult to get because of bad credit but it doesn’t mean that you cannot get an auto loan with a bad credit history because poor credit car financing is very easy.

The FICO credit score ranges between 300 and 850 which is used often by banks, lenders and financial institution to determine whether to provide you with financial solutions and at what interest rate. A rule of thumb is the higher the credit score, the lower your rate will be.

Having a foreclosure on your credit report is like dropping a bomb on your credit score — almost cutting it in half in some instances. Your FICO Score will take a big hit that could remain on there for as much as seven years.