What about my Credit after a Short Sale?

A Note on that FICO!: Look BEYOND that number everyone! Don’t get ‘hyperfocused’ on the FICO number. Here’s why: provided you have rebuilt your FICO to a decent number, you can purchase another home in 1-2 yrs after a short sale! You simply do not even have that option after a foreclosure – not for 5-7 years! Think of the impact on your family, kids, schools, lifestyle, opportunities. “Credit” has many more dimensions than just a number. Also, you don’t have to answer ‘yes’ to the dreaded “Foreclosure question” on numerous forms and applications we all complete multiple times a year. This dreaded foreclosure inquiry is found in mortgage applications, loan applications (even a simple signature loan), job applications, interim employment security clearance after you are employed, credit card applications, starting your own business or even partnering into a business, buying a car, property insurance, auto insurance, employment. Quite simply, most folks are short sighted when it comes to the FICO. Think beyond the FICO and reread above. – Elizabeth Kayser, in the Baltimore Sun

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