Short sales and foreclosures equally degrade FICO scores

There is a myth in personal finance that a foreclosure is significantly worse than a short sale when it comes to your credit score. Short Sale, Foreclosure & Your Credit Score – Bills.com – The maker of the fico credit score, Fair Isaac & Co., released two tables that show how a short sale, foreclosure, and bankruptcy degrade the score of a.

Foreclosure, short sale or deed-in-lieu: 85. (FICO scores range from 300 to 850.). Sweet said credit bureaus generally slash scores equally for those three resolutions to someone losing.

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Expect the short sale to impact your credit score. While many individual lenders might regard a short sale as superior to a foreclosure, they have an equal effect on your FICO score-and that’s according to the company that invented FICO scores, fair isaac. bad debts fall off your credit report after 7 years and bankruptcies after 10 years.

Short Sale Vs’ dead in lieu V’s Foreclosure Can anyone tell me what whould impact my FICO the least?. I do believe that a short sale is the least damaging, but it depends on many things.. Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a.

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HUGE changes coming to your Credit Score in 2019. FICO studied how mortgage delinquencies such as late payments, short sales, and foreclosures impact credit scores. They used three hypothetical consumers with credit scores of 680, 720, and 780. They used three hypothetical consumers with credit scores of 680, 720, and 780.

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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.

Home Multiple, current credit cards equal higher fico. multiple, current credit cards equal higher FICO.. Short sales and foreclosures equally degrade FICO scores.

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According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent. Home buyers wanting to purchase a short sale must have patience.

In fact, FICO, the company that came up with the model used to determine one’s credit score and dependability. many properties in short sale or foreclosure can be purchased by the credit-less.