will it affect my credit score if the mortgage is paid late?

Question

SOMEONE TOLD ME IT DOESNT AFFECT IT UNLESS IT IS 31 DAYS PAST. SOMEONE TOLD ME IT AFFECTS EVEN IF ITS 1 DAY PAST.

Answer 1

30 days is the mark.

Most lenders have about a 10 day grace period from the due date. A payment due on the first becomes late on the 10th and a late payment will be required to catch up. However, the mortgage history will only reflect lates that are 30 days, 60 days, 90 days, and 120 days late. Each level more damaging to your credit.

Here is some additional info. Hope this helps.

Answer 2

The credit bureaus are not supposed to show anything less than 30 days late.

That being said, I have seen evidence that some finance companies (the high-rate, high-risk lenders) will report a 30 day late even when it's only been 10-15 days late.

The lenders can charge late fees based on their contracts, whether it's 1 day or 15 days late, but it should not be reported as a late payment to the credit bureaus unless it's been more than 30 days late.

Answer 3

That's true- most mortgage companies don't report a late payment to the credit bureaus unless is it more than 30 days late, but you may want to check with your mortgage company to see if they have a specific policy in place that states otherwise.

Answer 4

the credit bureau reports anything paid past thirty days late as reported to them by the mortgage company or bank.

Answer 5

Your credit will affect for sure if you are behind your payment. Do not worry about your credit if you are 1 week behind.

Answer 6

Yes.

Answer 7

it depends how many times you have been late, if it is once in a while it won't but if you are allways late, even by a day it will definetely affect you.

Answer 8

Yes it does

Answer 9

yes, duh