Short Sale Specialists

How does a short sale affect my credit?

May 31, 2011

Fair Isaac released a report that stated credit scores are affected about the same when considering a short sale or foreclosure. What most consumers do not understand is that when you consider a short sale or foreclosure it is the late payments that mainly affect their credit score.  Fair Issac further stated the average points lost to a consumers FICO score were as follows:
•30 days late: 40 to 110 points
•90 days late: 70 to 135 points
•Foreclosure, short sale or deed-in-lieu: 85 to 160
•Bankruptcy: 130 to 240
While there are no immediate advantages to your credit score in choosing to do a short sale, the advantage of doing a short sale versus a foreclosure comes into play when you consider the amount of time it takes to become eligible for a home loan again. With a short sale on a homeowner’s credit it only takes 24 months to be able to qualify for a home loan and with a foreclosure it takes seven years.

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7 ways to improve your credit

Oct 8, 2010

credit repair

What You Can Do to Improve Your Credit

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management. This means running your own credit often to see what’s new and what’s not supposed to be on your report…. [ read more ]

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What You Can Do to Improve Your Credit

Oct 1, 2010

FINALLY GOT MY CREDIT REPORT
Image by jessica mullen via Flickr

What You Can Do to Improve Your Credit
Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: [ read more ]

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