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Short sales and foreclosures equally degrade FICO scores

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How Much Will A Foreclosure Or Short Sale Hurt My Credit Score? – 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.

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Short Sales | – Potential borrowers with short-sales will have FICO scores in the 575-to-595 range at one credit bureau; This is the same as having a foreclosure on their credit report; FICO scores will be either in the 570-to-590 range or the 620-to-640 range at the two other credit bureaus

Should You Consider a Short Sale? – Credit Sesame – In fact, FICO recently published details on the impact of short sales (and other mortgage delinquencies) on FICO scores on its Banking Analytics Blog. According to that release, a consumer with a 720 score could see a drop to 570-590 as a result of a short sale with a deficiency balance; their score would then take about seven years to recover.

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SHORT SALES, FICO's AND YOU – – FICO scores have been a mystery since they were first unveiled many years ago. Toss in today’s short sale market, and neither Houdini nor any self-respecting Las Vegas odds maker would try to predict what your scores may be.

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Short Sales and Foreclosures Have Same Effect on Credit – Essentially, what FICO’s telling us is that if you have a good starting score (780), it will take your FICO score about 7 years to fully recover. In addition, there’s absolutely no difference in recovery time between short sales or foreclosures. The overall effect on credit scores is the same as well.

Short Sale, Foreclosure & Your Credit Score – – 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 consumer starting with a low, medium, and high score. In general, the old adage, "The higher they climb, the farther they fall," holds true for credit scores.

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