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How Negative Items Affect your Credit Score

By
Real Estate Agent with Carolina One Real Estate

There was a great article on www.msn.com today regarding how items affect one's credit score. With the large number of short sales and foreclosures we are seeing and will continue to see, it is important people reliaze the impact on their credit score.

Here is the link to the article: MSN CREDIT SCORE ARTICLE

 

           Effect on a        680 score      780 score

Maxed-out card

-10 to -30

-25 to -45

30-day late payment

-60 to -80

-90 to -110

Debt settlement

-45 to -65

-105 to -125

Foreclosure

-85 to -105

-140 to -160

Bankruptcy

-130 to -150

-220 to -240

For info on Charleston SC real estate, please call Randall Sandin at 843-209-9667 or email at rsandin@carolinaone.com. Search for Charleston homes at CHARLESTON HOME SEARCH

 

 

Comments (4)

Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

Thanks for the info. What I find amazing is that the same thing the same problem effects you worst if your credit score was higher in the first place. I really wonder ............

Nov 24, 2009 12:26 AM
Randall Sandin
Carolina One Real Estate - Charleston, SC
843-209-9667 - Search for Charleston SC Real Estate

I thought that was interesting too - you would think a record of good payments would get you a litte break but apparantly not according to FICO - thanks for the comment Anne

Nov 24, 2009 12:30 AM
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

Active Rain had some major log in issues yesterday and I didn't get to make my rounds and tell everyone Happy Thanksgiving!

Nov 26, 2009 09:35 PM
Jen Bowman
Keller Williams on the Water - Holmes Beach, FL
Realtor - Anna Maria Island & Bradenton FL

Randall, Thanks for posting this. Many people don't realize how much a late payment affects their score. Credit affects not only the interest rate we pay on things but also our auto and homeowner's insurance rates.

Nov 30, 2009 01:13 AM