A short sale has the same impact as a foreclosure. When the bank or lender reports your short sale to the credit bureaus, they generally treat both the foreclosure and the short sale as a delinquency. The credit bureaus, in turn, submit their information to Fair Isaac & Company, the people that compile the FICO score from your credit bureau records. FICO makes no distinction between foreclosures, short sales and deeds-in-lieu of foreclosure. In fact, they lump them all together and treat them as accounts “not paid as agreed.” Repairing your credit after a short sale will take time and discipline.

Step 1

Pay your bills on time. FICO weighs recent credit history more than past, so a year or two of on-time payments can help erase a past filled with late pays.

Step 2

Maintain low credit card balances. This raises your available credit amount, which helps you appear to have disposable income enough to take on more debt.

Step 3

Keep old credit cards with good payment histories open. If you need to close credit card accounts, close the newer ones.

Step 4

Use the credit cards sparingly, but do use them. Make sure that you can pay for the purchases during the next billing cycle. This will help build a history of on-time payments.

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For more information, conact Kurt Galitski

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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