Maybe, maybe not. It would depend upon the rest of your current credit situation.
The advantage of having a real estate short sale is that the seller avoids a foreclosure, does not take a toll on one's credit rating or FICO number. The buyer moves into a new home at a big discount, the lenders also dont have to take part in a long, drawn out sale process.
It is always best NOT to cancel a credit card unless your debt to income ratio is too high. As long as you have no annual fees or any other "junk" fees with the credit card in question it is best to take your balance to $0 and put the credit card away in a safe deposit box or somewhere will it will not be stolen. The longer you have a credit card in good standing ( no late fees payments on time etc) it helps your credit. The credit card company will usually raise your credit limit which will help other low intrest cards also raise your limit when they review your credit history. In short YES canceling your card Can HURT YOUR CREDIT.
Most loans are dependent upon credit rating. Having a high credit rating, meaning one always pays back ones debts on time and has a good history of such, can lead to easier loans. However, with poor credit ratings, it is much harder to obtain a loan. Luckily, there are loans that are built for such situations. One is a secured loan, in which some object of value is given as collateral until the loan is repaid. Another type would be high-interest loans. These are offered by some banks. Finally, payday loans carry a steep interest rate, and have very short repayment periods, typically a week (one's next paycheck).
If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.
Credit Rating Agencies rate the credit-worthiness of securities instruments. The reason for doing so is for investors to gain confidence that what they are buying is what they think it is. The big players in the industry (pension/insurance funds) have mandates which prevents them from investing in securities below a certain rating. You could say that they act as a means of protecting society from excessive speculation using 'social' funds (pension/insurance) by fund managers who are out to speculate short term by taking excessive risk. Duncan of Canary Wharf
P1" is the highest short-term rating category for Moody's Investor Service. P1 rating are considered to be of high credit quality
The advantage of having a real estate short sale is that the seller avoids a foreclosure, does not take a toll on one's credit rating or FICO number. The buyer moves into a new home at a big discount, the lenders also dont have to take part in a long, drawn out sale process.
It is always best NOT to cancel a credit card unless your debt to income ratio is too high. As long as you have no annual fees or any other "junk" fees with the credit card in question it is best to take your balance to $0 and put the credit card away in a safe deposit box or somewhere will it will not be stolen. The longer you have a credit card in good standing ( no late fees payments on time etc) it helps your credit. The credit card company will usually raise your credit limit which will help other low intrest cards also raise your limit when they review your credit history. In short YES canceling your card Can HURT YOUR CREDIT.
It all depends on how late or how many payments you were late when you start the short sale. In most cases if you get a successful short and your home gets sold it is a lot better than having a foreclosure on your credit report.
Simply because... with a long credit history, a prospective lender can see how you have operated your credit facility over a considerable period. Nobody's credit history is perfect - everyone has at least 1 or 2 lapses on their record. Having just a short credit history doesn't show 'trends' or patterns of (perhaps) persistent late payments.
Most loans are dependent upon credit rating. Having a high credit rating, meaning one always pays back ones debts on time and has a good history of such, can lead to easier loans. However, with poor credit ratings, it is much harder to obtain a loan. Luckily, there are loans that are built for such situations. One is a secured loan, in which some object of value is given as collateral until the loan is repaid. Another type would be high-interest loans. These are offered by some banks. Finally, payday loans carry a steep interest rate, and have very short repayment periods, typically a week (one's next paycheck).
Yes, credit has short vowel sounds.
Yes, credit has short vowel sounds.
The short vowel in "credit" is the "e" sound. It is pronounced as /ɛ/.
In short, many variables are to be considered. Rates are not only based on the product you purchase but mostly on your credit rating. A bad rating means that you will pay a higher interest rate.
Short. The E has a short E sound and the I has a short I sound.
If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.