I recieved a 30 day late mortgage payment on my credit report. How can I recover from this?

Question

My credit is otherwise good (715). I would like to know two things. First, how bad (roughly) does this affect me? Second, how should I go about repairing the damage, and how long will this haunt me if I pay all my bills (including the mortgage) on time?

Answer 1

If your credit score is 715 after the 1x30 hit, you don't have to worry about much. You have an A+ credit score. However, if you wanted to refinance your mortgage, you'd have to wait a year to get back into the A++ bracket. Just make sure you pay your bills on time. The 1x30 will stay on your report for years and years. Banks only consider them for one year, though.

Answer 2

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RE I recieved a 30 day late mortgage payment on my credit report. How can I recover from this?

My credit is otherwise good (715). I would like to know two things. First, how bad (roughly) does this affect me? Second, how should I go about repairing the damage, and how long will this haunt me if I pay all my bills (including the mortgage) on time?

Answer 3

If it was a mistake, which I'm assuming it is not, you would want to get it removed by working with the creditor.

However, assuming it's there for good reason, then you'll have to live with it for next 7 or so years until it "falls off" your credit report.

It's definitely not the end of the world, and it will hit your credit score in the short term, maybe up to 50 pts depending on your relative credit strength, and your credit history. Basically the more credit and history you have, the less damaging one derogatory payment is. And vice versa.

Just continue paying everything on time and don't worry about. Most lenders allow a 1x30 mortgage late...just be ultra careful not to get a second late, as that can limit your bank and lender list tremendously.

Learn more about credit and mortgage:

http://www.thetruthaboutmortgage.com

Answer 4

Anything current hurts more than something several years old, but you can always recover from it. A recent 30 day late will drop your score 40-50 points...or more! The first thing to do is find out what led up to it. Was it a mistake, or are you in financial trouble? A 30-day late is a serious mark to FICO because most companies don't report until you are 45 days late (with grace period), so you'll want to fix whatever caused the problem asap. If it was an error, simply write a goodwill letter and hope that they'll update your report. Either way, life happens and it won't affect you in a year or two...

Answer 5

It should not affect your score too much. The only way to tell is to get your FICO score from the 3 credit bureaus, but that will cost money and doesn't seem necessary. The only way to repair the damage is with time. Obviously, you know not to make any more late payments. The longer time goes by, the less of an affect it will have. As a side note, have your mortgage automatically debited from your checking account so this doesn't happen again.

Answer 6

Hi there,

Well, unless you can dispute it, it's going to remain there, though with the right letter of explanation, they may issue an exception, especially given your credit score. Many financial institutions reflect over the last 12-24 months. It does put you into another grade, more often than not, but not as damaging as it's just the one. What was the reason for the late?
Another good site where you can get info is www.creditboards.com and the best thing about this site is the forum, they're not permitted to solicite you. You just get the answers. If you have questions regarding financing, please feel free to contact me at any time.

Answer 7

It will hit for a few points, but not many and will repair itself as the 30-day hit gets older and you maintain your payments across the boards.

You could throw a consumer comment on the report, but otherwise the only thing that will make this go away is time.

Answer 8

you cant make it go away, but you can certainly overcome it by continuing to pay everything else on time from now on...
and if there was a "real" reason that you were late, like your mom had surgery or your dog died or you were in a car accident, then by all means, a "Consumer Comment" regarding that would be appropriate.