Short Sell Credit Score
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At NerdWallet. Our opinions are our own. A credit freeze is the strongest form of protection available for the sensitive data in your credit reports, and it’s free. Freezing your credit won’t hurt.
How Does a Short Sale Affect Your Credit? There isn’t a straight answer to tell you how a short sale can affect your credit. The reason is, the impact depends on what your credit standing was beforehand. In most instances, a short sale can decrease a person’s credit score by 160 points or so. But if your credit was already low, it could.
The credit score effects of a foreclosure may be 3 years, whereas the credit score effects of a short sale are 12-18 months. If you foreclose and hold a high security position, it may affect your employment, so this is another reason to short sell rather than foreclose.
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About Credit Acceptance Since 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers. to improve their lives by improving their credit.
A short sale may be considered to be a derogatory mark on your credit even though credit bureaus do not use the word "short sale" on your credit report. Your credit report may read "paid in full for less than agreed" or "settled for less," among other categories. Certain HAFA guidelines allow for "no hit to credit" and can show up as paid in.
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Bottom line, a short sale will indeed negatively affect your credit score but the amount of the hit on your score is still out for debate. Some say it is as bad as a foreclosure while others say you will not be hit that bad. A lot of it has to do with how was your credit before the short sale and if you are current on your mortgage payments or not.
If you previously declared bk and you need to do a short sale after bankruptcy, we offer information on how this will affect your credit score.
A short is your best option if your are that far behind, you can have it negotiated through an attorney for best results. usually a short sale consultation is around $150 but they go over all your options, credit scores, etc. his credit will be effected but uncertain how much.