Short Sales and Effects on Credit Scores - Any real life examples?

Discussion in 'Credit Talk' started by JoshuaHeckathorn, Mar 7, 2016.

  1. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    According to FICO, short sales and foreclosures basically affect your credit scores in the same way. Your credit scores will drop anywhere from 100 to 150 points, depending upon how good your credit is in the first place. The higher your credit scores prior to the short sale or foreclosure, the greater the hit you can expect to take.

    Most people seem to still think that foreclosures are way worse for your credit though. I've even spoken with people who have gone through both, and they've claimed that the foreclosure resulted in a bigger hit to their FICO scores.

    Is there anyone that has a real-life example they could share? If so, I would love to hear your story. Thanks so much!

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