Short sales and foreclosures equally degrade FICO scores

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 · ”A short sale is not reported on the credit score. A short sale shows up as a settlement, a charge-off or a foreclosure process started and all are major delinquencies,” Ulzheimer said. What matters more is the state of the person’s credit when they are defaulting on their mortgage. The higher the score, the greater the damage, he said.

Frequently Asked Questions about the FICO® Score. How long will a foreclosure affect a FICO® Score? Student Loan Impacts to FICO® Scores . How do FICO® Scores consider student loan shopping? What’s the best advice for people shopping for student loans to minimize the impact to their FICO® Scores?. Bankruptcy and Public Record.

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Sellers may wonder whether doing a short sale would affect their credit less than completing a foreclosure, and whether there are other advantages between the two.While in foreclosure, and depending on state laws, a seller could possibly stay in the property, essentially rent free, for four months to a year before being forced to vacate.

 · FICO FACTS – Score Building.. you can degrade your scores for years to come.. Monday is a specialized topic for those who’ve had to bankruptcy, foreclosure, short sale or deed in lieu of foreclosure or as in many cases two of the above all of which involve bankruptcy. Like Like. Reply.

Credit bureaus were uncommunicative about expressing, in points, just how much impact different foreclosure types of mortgage delinquencies have on scores. Recently, Fair Isaac, which developed FICO.

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Loan pools acquired have a weighted average yield of 3.4%, with $122.5 million adjustable rate, and contain borrowers with an average FICO score above. held for sale and interest-bearing deposits..

If you are thinking of foreclosing, make sure you know all the repercussions beforehand. Your credit score will take a huge hit. Think wisely before doing a foreclosure or short-sale as it will be on your record for up to 7 years. During this time, you won’t be able to get another mortgage loan.

Scores typically range from around 300 to 850 with the average credit score in America being at about 687. Here is an approximate range of how credit scores are judged: Excellent credit = 720 and above Good credit = 660 to 719 Fair credit = 620 to 659 Poor/bad credit = 619 and below. How Credit Reports Affect Your Mortgage