Fico Explains Why Short Sales Hurt Your credit score Last updated on November 19th, 2017 There’s been a lot of confusion about short sales , especially with regard to how they affect one’s credit score.
According to Fox Business, a short sale can lower your credit score by 85 to 160 points. In fact, the better your credit score is, the more damage a short sale can do to your credit. This same fico banking analytics study found that rebuilding credit took longer for short sellers who started with higher scores.
· Hi Anne, Really good question! The short sale will NOT affect your credit score. The mortgage stopped being reported on your credit report when it was discharged through the bankruptcy. The short sale is a matter of public record however, and will affect when you can apply for another loan.
The impact of a short sale on your credit depends on several factors, including the way your lender reports the short sale to the credit bureaus. Most lenders will use the term "settled" for a short sale, which indicates that less than the full debt was repaid.
Yes. There is no way to avoid the damage a short sale does to your credit score. A short sale can knock as much as 160 points off your credit score, but the level of damage heavily depends on your credit standing before the short sale and how much your lender gets in the sale, among other things.
· There are several ways a foreclosure or short sale affects your credit score. If done correctly, a short sale can have less of a negative impact on your credit score than a foreclosure. If done correctly, a short sale can have less of a negative impact on your credit score than a foreclosure.
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Does this process have any negative or positive effect on your credit score? On one hand, you are paying off your loan in full, due to the trade in value paying off the remainder of the car loan. On the other hand, your automobile financing company is doing a "hard pull" on your credit in order to approve you.
According to the Fair Isaac Corporation’s blog, a short sale with a deficient balance can negatively affect your credit as much as a foreclosure. For example, if your FICO score was about 680.
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