Identification

• Joint accounts always affect your credit score as long as your name is on it. If anyone cosigned your mortgage, their credit score will drop once the lender completes the foreclosure. If you co-own any accounts, such as a credit card, the accounts boost your credit score when you pay on time. Because you are going through foreclosure, you and any joint credit holders may not be able to afford the monthly payment. Late payments cause further drops to your score.