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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.

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โˆ™ 2008-08-20 11:53:51
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Q: How does short sell affect credit?
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Related questions

What happens to your credit on a short sale?

A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.


Do forbearance payment affect credit score?

Do forbearance payment affect credit score? Also, if your lenders agree to a short sale and you have not been deliquent on your payments but the lender granted you a forbearance, will your credit score be affected?


Why is trade credit generally the largest source of short term credit for small firms?

Well, trade credit would be credit extended by suppliers (I guess). So, if in fact it is the largest source of short term credit, it would be because it is easier to get credit from people that want to sell you something than from someone that lends money (the potential profit warrants the risk).


Is credit a long or short vowel?

The word, "Credit" has short 'e' and a short 'i'. (kredd-it)


What is the short vowel in credit?

Both the E and I have short vowel sounds in credit.


How many points are deducted from your credit score for an inquiry?

While there is no fixed number, an inquiry is one factor that can affect your credit score. The exact impact may vary depending on things such as the number of inquiries you have over a short time and your credit file's stability. Some inquiries are known as soft inquiries and do not affect your credit score. An example of a soft inquiry is a credit card pre-approval.


You bought a car for your fiance and now the wedding is off you need to get rid of the car Can you return the car to the dealer And how will this affect your credit?

In general, you cannot return a car to a dealer. You can sell it back to them, though. Selling it won't affect your credit.


Is credit a short vowel?

Yes, credit has short vowel sounds.


Is credit a short vowel sound?

Yes, credit has short vowel sounds.


How does a credit check affect a credit score?

When you ask a possible creditor to inquire about your credit, it may affect your credit. This is because it implies that you're possibly opening a new line of credit. But you have the right to look at your credit report without affecting your credit. When you request your credit report it's called a "consumer pull" and has no affect on your credit.


Which letter in credit is a short vowel?

Both the E and the I in credit have short vowel sounds.


How will a short sale effect your credit score?

A short sale will effect your credit score in a negative way. Your credit score will stay on your credit report for some years.


If you are an authorized user on your parents credit card and they claim bankruptcy how will that affect your credit?

It will not affect your credit at all. Their credit information was used to secure the card. You are in the clear.


What is short term insurance and how would it affect your credit?

Short term car insurance for UK drivers from the AA. Get temporary cover for additional drivers of your vehicle without putting the no-claims discount.


Does credit have a short or long vowel sound?

The E and I both have short vowel sounds in credit.


If you apply for a credit card and get rejected does that affect your credit score?

It can affect you for short time. If you want to build your credit, probably the best method is to apply for a secure credit card (Bank of America for example). This card works like a regular credit card, only you're using your own money. Let's say you put in the account 500$; you will have a credit with 500$ limit. Nobody can see that you have a secure credit card 'cause it's working like a unsecured one. That card should help you increase your credit score.


Does a business credit card affect credit score?

All loans and credit cards have an affect on your credit score. Failure to use your credit cards responsibly will reduce your credit score and increase your interest costs.


Does a lien on your property affect your credit rating?

Yes, it will affect your credit. My sister had a lien and she could not get some credit she applied for because of it.


If credit check is poor can it affect getting a job?

if a credit check is done by employers can a bad credit affect getting the job.


How long does a short sale affect your credit?

Iam bout to lose my house soon, getting divorce!. is it recommended to do a short sale? I am concerned about 1099-C taxes I have to pay to IRS and how bad my credit will be if I want to get a cheaper property later on. does enybody know how much afeccts short sales, is it better than a foreclosure! Thanks


Why would checking your credit score effect your credit score?

{| |- | Requesting a credit report will NOT affect your credit. You have the right to look at your credit report without it affecting your credit or score. When you request your credit report it's called a "consumer pull" and has no affect on your credit. The only time when requesting a credit report can affect your credit is when you ask a possible creditor to inquire about your credit. This is because it implies that you're possibly opening a new line of credit. |}


I am filing for chapter 7 bankruptcy and wondering if I also surrender the house in the proceeding will it affect my credit score worse than just including the credit cards. We may be able to sell.?

The best answer can only come from a licensed attorney specializing in bankruptcy law. However, as a credit and collections expert, regardless of how you default on the mortgage it is still going to hit your credit with the same amount of damage. The best option is to try to use the bankruptcy process to get a loan modification or attempt to get the lenders acceptance to forgo any foreclosure actions to attempt to sell or short-sell the property. Selling the house will not fix any late payment history for the loan, but will take the sting out of just walking away from the house.


Do you need good credit to sell insurance?

Short Answer, No. However I was just refused a sales job after a good interview after the hiring District manager found out about prior civil jugements with a credit card company that had been legally resloved.


Can you apply for the same exact credit card you already have if the new credit card offer is better and how does doing this affect your credit?

Yes you can apply for exact credit card, it won't affect your credit at all.


Dose it affect your credit score when ever someone looks at your score when shopping around for a mortgage?

When you ask a possible creditor to inquire about your credit, it may affect your credit. This is because it implies that you're possibly opening a new line of credit. But you have the right to look at your credit report without affecting your credit. When you request your credit report it's called a "consumer pull" and has no affect on your credit.