According to Fox Business, a short sale can lower your credit score by 85 to 160 points. In fact, the better your credit score is, the more damage a short sale can do to your credit. This same FICO Banking Analytics study found that rebuilding credit took longer for short sellers who started with higher scores.
How a Short Sale Can Impact Your Credit Score. The amount offered depends on the sales price negotiated between the lender, the seller and a buyer. You’ll have to provide proof of a hardship such as a change in your finances that makes the payment unaffordable or mandatory job relocation.
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.
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In regards to your credit score, the negative credit impact of a short sale is less than that of a foreclosure. A short sale will not appear as a foreclosure on your credit report, and therefore only the previous delinquency on your mortgage will appear.
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Long Term Credit Score Damage from a Short Sale. While the immediate impact is painful, the worst is yet to come for your credit score. There is a myth in personal finance that a foreclosure is significantly worse than a short sale when it comes to your credit score. Unfortunately, this is simply not true.
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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There isn’t a straight answer to tell you how a short sale can affect your credit. The reason is, the impact depends on what your credit standing was beforehand. In most instances, a short sale can decrease a person’s credit score by 160 points or so.