topic Sorry another question in Rebuilding Your Credit

Sorry another question

Anonymous — Tue, 06 Oct 2009 19:49:22 GMT

On one website where it was comparing short sales with foreclosers in regards to credit scores, they were saying that the hits on the credit can depend on how far behind you are on your mortgage payments. What if you aren't behind at all? Then what kind of hit to get?

Laura

Re: Sorry another question

BungalowMo — Tue, 06 Oct 2009 21:53:14 GMT

@Anonymous wrote:
On one website where it was comparing short sales with foreclosers in regards to credit scores, they were saying that the hits on the credit can depend on how far behind you are on your mortgage payments. What if you aren't behind at all? Then what kind of hit to get?

Laura

That is a very odd statement.

Inq's (or hits) on your report, and the subsequent point drop, have nothing to do with your mortgage, short sales, or forclosures.

One has absolutely nothing to do with another. If you are trying to sell your home, YOU won't be getting ANY hits on your report whatsoever. There is a lot of bad information floating around out there....be very careful who you listen to or believe.

Come here & ask. The folks here have, collectively, been through it ALL! And we're not going to steer you wrong.

Re: Sorry another question

Anonymous — Tue, 06 Oct 2009 22:38:21 GMT

Maybe I worded it incorrectly. The web site said that depending on far behind on your mortgage depends how many points your credit score drops. My question was how bad will it effect my credit if I am not behind at all?

Re: Sorry another question

BungalowMo — Wed, 07 Oct 2009 00:24:29 GMT

I still don't think that one has anything to do with the other.

If someone has late payments...they get a score drop for that.

You may get a score drop for a short sale. But getting a different score drop (from short sale) whether or not you have late payments...I don't think it makes any difference.