How Does A Short Sale Affect Your Credit? A short sale affects your credit by knocking off up to 160 points – give or take. This all depends on your credit history prior to the short sale. It also depends on how late your payments are. For example: Credit scores in the 750 – 800 range can have 150 points knocked off
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A short sale does not appear as a "short sale" on a credit report. Rather, it will show up as "paid" or "settled" depending on the outcome of lender-borrower negotiations.
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If possible, to preserve your credit score, consider alternatives to a foreclosure, such as a short sale or deed-in-lieu of foreclosure. A short sale can have less of an impact Although possible, a short sale that has a minimal effect on your credit score is difficult to accomplish.
A short sale will significantly damage your credit score. Even if your payments were never late, the mortgage remains on your credit report for seven years from the date of settlement. You can monitor your credit score right here on WalletHub, using our free credit score tracking tool: https.
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How Badly Does a Short Sale Affect Your Credit Score. – Short Sales and Credit Scores. While a short sale might still be a better option than a foreclosure, they both have a similar negative effect on credit scores. According to Fair Isaac, the average points lost on a FICO score are between 85 and 160 for both a short sale or a foreclosure.
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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.