i missed a mortgage pymt i paid the late fee and everything with the next months bill, ...read details?

Question

is this going to completely ruin my credit?! how many months will it take to bring those points that i may have dropped back up?

Answer 1

Remember credit companies are only allowed to report how many times you were _30_ days late. 29 days late does not report. You will surely get late fees, and should never, ever push that - but you're more likely fine this time.

To be totally sure, give it a few weeks then go to www.annualcreditreport.com and run your score, it's free once a year. Do not pay for the extra score unless you really want it - just check the tradeline of the mortgage.

Answer 2

I sure would think that the mortgage company didn't report the late payment to the credit bureaus if they got the late payment with in 30 days. The longer you have had this loan i would think the slower they would be to report your lateness. You can request a free credit report once a year from each credit bureau. The longer before you
request new credit the less impact the missed payment will have had. Owning your own home is a big plus in the credit field & the more your equity growns the better your credit will be.

Answer 3

A single late payment won't 'completely ruin' your credit. If your payment remained over due for 30 days, it was probably reported the the credit bureaus. If it remains the only black mark on your record, it is unlikely to have a noticeable impact.

Answer 4

I agree with the other posters.

One thing that I'd like to add is that if you have had a good history with the mortgage company, you might write to them and explain the reason you were late and ask them to not put the late on your reports, or remove it if they had.

That is if you have a good reason for missing the payment, and just not having the money to pay is not a good reason and should not be used in your explanation.

Answer 5

late payments are only reported to the credit bureaus if you were late more than 30 days. if so, negative marks remain on your credit report, and therefore affect your credit score, for a minimum of 7 years.

if you are going to be late on a payment, make sure you try to proactively contact the creditor -- this case your mortgage company. many times, if you pre-arrange a payment plan, they will not send late payment notice to the 3 bureaus.

good luck.

Answer 6

If it went 30 days late past the due date then yes your credit is affected... If not then your ok

Answer 7

If this is a single incident, I doubt it will impact you significantly, but if you have a history of doing this before this may drop you a couple of notches.