Real Estate News – FICO Scores Revealed

April 28, 2010

What Makes your Credit Score (FICO) Go Down?

We get questions all the time about how late payments and foreclosures impact a homeowner’s FICO or credit scores.  According to EquiFax, Experian and Transunion, the three biggest credit setting agencies, late payments, foreclosures, short sales and bankruptcies lower your scores, and your scores will be impacted as below.

How Much Does Your Credit Score Go Down?

  • Thirty Days Late on Payment (30) – 10 to 100 point loss.
  • Ninety Days Late on Payment (90) – 70 to 135 point loss.
  • Foreclosure – 130 to 240 point loss.
  • Short Sale – 130 to 240 point loss.
  • Bankruptcy – 130 to 240 point loss IN ADDITION TO ABOVE LOSSES

If you’re behind on your payments, and no matter what is happening with your job, health, etc., you should carefully consider the impact of being or staying late on your house payments.  We will be happy to take some time to consult with you, and sometimes we can help, but we can always lend an ear and shake out the cobwebs.

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