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zomillo2k · Joined: 15 Aug 2008 Posts: 2 2.21 Dollars($)

I just did a short sale on my property and i understan that short sale is better than foreclosure.
I just want to know how badly my credit is affected, by how many points and is there anything I need to do to reverse that?
Some of my credit card companies have started reducing my credit limits. Can they do this? and since I have continued to pay them on time, what else can I do to fix my credit if it badly affected.

gmakerley · Posted: Wed Dec 03, 2008 10:38 am Post subject:

i don't have a handle on how many points a short sale will cost you on a credit score, but i can tell you the best way to ameliorate such a drop is to continue to make payments on all your other debt in an as-agreed fashion. as you continue to maintain good payment records elsewhere, the negative effect will be lessened each month.

and, yes, your credit card companies have expressed their rights to make changes to your accounts in all that fine print they sent you when you opened the accounts.

smithsussane · Posted: Wed Dec 03, 2008 7:20 pm Post subject:

Hi zomillo!

Welcome to forums!

As far as I know, a short sale will reduce your credit score by 75-100 points. Yes, I agree with George that if you keep on paying all your other debts on time, the negative effect on your credit report due to the short sale will be reduced.

As far as the credit cards companies is concerned, well, they may lower your credit limit depending upon your situation. Yes, they can do it. You will have to keep them paying on time. This will help you to have a positive effect your credit.

Feel free to ask if you have further queries.

Sussane

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After short sate....What next???