Short Sale vs. Foreclosure – Affects on Your Credit Score
Foreclosures can greatly affect one’s credit score, but you can avoid it if you have control over your finances to begin with. If you have been included in the foreclosure listing, it can decrease your credit score by up to 250 points. What about short sale transactions? Watch this video.
Video Rating: 0 / 5
Categories: Credit Score Videos Tags: Affects, Credit, decrease, Foreclosure, Real Estate Attorney, sale., Score, Short, short sale, Video Rating, Watch
Q&A: How might one decrease the disadvantages you listed such as higher insurance premiums from using a credit card?
Question by Kamisha C: How might one decrease the disadvantages you listed such as higher insurance premiums from using a credit card?
Best answer:
Answer by Nicole
Using a credit card in itself won’t increase your insurance premiums. In personal home and auto insurance, the company runs an “insurance score” aka your credit score. The better your credit, the better your rate. I’ts a way for the insurance company to find a preferred market, just like them running your MVR. The fewer violations, the better your rate, etc.
Add your own answer in the comments!