I have up to 15 days every month to pay, but i sometimes pay after . I don't mind paying the late fees, it's not an issue. How about credit wise (there is nothing that i can do right now to pay on time) ?
2007-09-12 13:37:36 · 11 answers · asked by Chela 1 in Business & Finance ➔ Credit
It may not be reported to the credit bureaus unless it hits 30 days, but you do not have a 15 day grace period. The grace period is to avoid the late fee, It has nothing to do with your account. You are charged interest every day past your due date, it's called per diem. If you have any doubts, just call your mortgage co and ask.
2007-09-12 18:04:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Each time you're late, there will be a reporting on your credit. However, being a few days late is much better than not paying at all. In fact, I don't think it becomes a major issue until your 30+ days late.
If you can find a way to make a double payment at some point, that will put you a month ahead and then you can pay as you normally do without the late fees. Try not to dismiss those late fees and insignificant. If you're paying a late fee almost every month, that winds up being a few hundred dollars a year.
The other thing you can do is if you get paid every two weeks, try shifting you bills around so you're making your house payment two weeks earlier each month.
2007-09-12 20:47:07 · answer #2 · answered by Justin H 7 · 0⤊ 1⤋
A 15 day grace period is very generous and there should be no reason for you not to be able to pay within that time. Stop thinking your mortgage is due on the 15. It's due on the 1st.
Tighten up your spending and put together a budget. If you are consistently paying at or just beyond the grace period, it's too easy to slip just a little more.
2007-09-12 21:09:58 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
paying your mortgage constantly late adversely affects your credit scores. accounts are reported every 30 days to all 3 credit bureaus. every time you pay your mortgage more than 30 days late your credit scores usually drop 20 points once it is reported to the credit bureaus. you should try to look into refinancing your home mortgage at this time, because interest rates are actually lower than the past recent months due to the housing crunch that we are in at this time. by lowering your interest rate, your monthly payment will also be lowered. also you can try to look into consolidating credit card debt, and any other monthly debt, into a refinance. by doing this you are freeing yourself from your other obligations and you will just have one bill to pay a month (which in this case is your mortgage payment). this is turn will stop the vicious cycle of paying your mortgage payment late. also,you will have peace of mind, and you will rehabilitate your credit scores. please keep in mind that many other factors are put into play in a refinance so you should speak to a mortgage specialist that will use their expertise that will put you in the right financial path.
Good luck and hope this helps you out!
2007-09-12 23:24:56 · answer #4 · answered by varias78 1 · 0⤊ 0⤋
It doesnt shop up until you are 30 days late normally.... i would try to contact your lender and see if they can work with you... sometimes they will do one month of interest only to get you back on track where you can pay it on time... it will hurt your credit dramatically if you wait until 30 days... they say the first time it is 30 days late it takes about 50 point sof your credit score
2007-09-12 20:42:41 · answer #5 · answered by mitch w 2 · 0⤊ 0⤋
If it is reported, paying late is one of the worst things you can do for your credit score - particularly on a mortgage. Usually, it won't be reported until you are over 30 days late.
2007-09-12 20:49:00 · answer #6 · answered by mia 3 · 0⤊ 0⤋
Don't worry, nothing bad can happen except you lose your house, pay tens of thousands of dollars in penalties, get a bad credit rating, and get denied all future loans. Just keep doing what you are doing. There's a big woods behind my house you can live in.
2007-09-12 20:54:54 · answer #7 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
usually, it doesn't show up on your credit report until you go beyond 30 days late.
2007-09-12 20:40:40 · answer #8 · answered by nurse_spratchet 4 · 0⤊ 0⤋
If you can't afford to pay your mortgage on time then you should really look into downsizing.
2007-09-12 20:41:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋
it is bad for your credit.
if you can pay each month, why can't you pay ON TIME each month. It does not make sense.
2007-09-12 20:41:29 · answer #10 · answered by Anonymous · 1⤊ 0⤋