Short Sale Completed Questions about FICO

[Anonymous]

We completed our short sale due to relocation and we never had any lates. We lost around 65 points on the FICO due to the reporting of "Account paid for less than full balance" in the comment section of both the 1st and 2nd mortgage. Both accounts report "Pays as Agreed" and closed.

This is our only negative mark on out credit report and I'm curious how long this will prevent us from purchasing cars etc. We have had some credit line reductions as expected but nothing major. I'm currently at 644 from EQ and holding strong.

Where I am confused is on the "Understanding Your Score" section it states that we have had a "Recent Missed Payment" and it also says we have had a "60" days past due which we never had or have on the report. I reviewed all my accounts I don't see anything. Does the "Account Paid for less the full" trigger that alert?

Any input is apperciated.

Thanks,

Jay

[llecs]

Welcome to the forums!

The damage from the short-sale will last for the full 7 years, but the damage will fade during that time with a lot of it melting off over the next couple of years. I bet there are auto dealers that would approve you now, though your rate might be high. In looking in the Auto Loans board, I've seen posters with recent BKs get approved. If wanting to avoid the potential for a higher rate, I'd suggest printing your CRs and going to a local bank or CU and talk to them about auto rates. They'll give you input and advice as to what they want to see in exchange for a low rate. For the "etc" part, I'd hold off on applying for any CCs for at least a couple of years. For a mortgage, check in Mortgage Loans. Seems like there are some rules per approval if you had a short sale, foreclosure, etc. And reasons behind those apply too.

For the late payment, the myFICO reports (and any other 3rd-party report provider out there) only show the last 2 years of history. I suggest going to annualcreditreport.com to pull your 3 free reports. These reports show the entire history and I bet there's a 60-day lurking in there somewhere.