Does it have a negative affect in my credit score if i sell my house?
I have not missed or have been late for my payment. But want to sell my house and buy another house in or after a year. Does selling a house now lower my credit score?
or simply will it lower my credit score?
Tags: credit score
March 25th, 2011 at 9:19 am
Anytime you pay off a debt (car, credit card, student loans) it has a positive effect on your credit, it can be anywhere from 1 point to 100 points or more. It all depends on what else is on your credit or if you have nothing else it could only help it for one reporting cycle. If you have good credit then there should be no reason for you to worry about selling your house. Just make sure that you don’t incur a lot of debt before you buy your next house so that your credit does not go down.
March 25th, 2011 at 9:19 am
no, because you are paying off a large balance, i would assume.. or even a small one.. you home should have agood amount of equity at this point.. it should boost your score.
March 25th, 2011 at 9:19 am
Talk to a professional REALTOR about doing a 1031 exchange and then plan to be closed on the next house in 6 months or less! It won’t lower your credit score but, it will cost you in the way of additional taxes-speak to your favorite tax person about this and they may well explain why I suggest the 1031 exchange. After you have purchased your first home I personally think it is important to continue to move the equity throught the "exchange" vehicule until you are ready to retire and are old enough to take the hit from capital gains. Good Luck
March 25th, 2011 at 9:19 am
NO, it will cause a big increase as a big ticket "paid as agreed and closed".
March 25th, 2011 at 9:19 am
It will not negatively affect your credit when you sell your house. That debt will be showed as "closed" on your credit report.