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Started By
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Credit Question
Posted on 7/6/10 at 10:58 am
Posted on 7/6/10 at 10:58 am
Let's say you payed your mortgage like three days after the due date. And you did this for 3 or 4 months. How would that affect your credit. Let's say your mortgage is due on the fifth or sixth and you pay it on like the tenth or eleventh or something like that. You do this a few months in a row. It's not late enough that you pay a late fee. Let's say the late fee is later on in the month sometime. Does this affect your credit?
4
Posted on 7/6/10 at 11:13 am to Tds & Beer
Most of the time it wouldn't as long as you don't go 15 days over.
Posted on 7/6/10 at 11:21 am to Tds & Beer
quote:
Does this affect your credit
No
Posted on 7/6/10 at 11:24 am to LSUAfro
I am at the end of my first year of my first home. I am supposed to be refinancing at the end of year two or 3 so I can get into the secondary market. That's why I am asking. I was considering paying a few days late for 2 or 3 months, but I don't want it to affect my interest rate in the future.
Posted on 7/6/10 at 2:58 pm to LSU1018
quote:
Most of the time it wouldn't as long as you don't go 15 days over.
I don't think that is correct. You have to be 30+ days late before it is even reported as delinquent to the bureaus. There isn't even a column for less than 30 days late on a credit report. It's 30, 60 or 90+.
Posted on 7/6/10 at 3:06 pm to MikeBRLA
As long as you pay in the month you are due for, you won't be reported late. You could pay on the 25th of each month and it would never show on your credit report. You would get a late charge, but those don't show on credit reports. If you made your Feb payment on March 1st you would be considered 30 days late even though it hasn't been 30 days since the 1st. Also if you make payment on the 31st of the month that means you paid during the month due and won't be reported on credit report.
Posted on 7/6/10 at 3:11 pm to West Monroe
As the others said, nobody reports anything unless you're 30 days late or more. I would recommend though that you get a copy of your credit report (you can do this for free) and review it before you apply for your loan, it's a good thing to do every now and then anyway just to be sure a bad guy hasn't snuck in there. While you're looking it over you can verify that the mortgage company hasn't reported anything.
If the credit report is accurate then they'll pull whatever score goes with it when you apply for the loan.
If the credit report is accurate then they'll pull whatever score goes with it when you apply for the loan.
Posted on 7/6/10 at 9:27 pm to Tds & Beer
quote:
Let's say your mortgage is due on the fifth or sixth and you pay it on like the tenth or eleventh or something like that.
You'll end up paying a late fee, but that's about it.
quote:
Does this affect your credit?
No, not unless you are 30 days past due.
Posted on 7/7/10 at 11:26 am to Tds & Beer
Nope.. It only hurts your checking acct if you have a late fee.. Ususally it dosent affect it until you get to the 15 day mark
Posted on 7/7/10 at 7:55 pm to ElleshooTGR
I work at a mortgage company in servicing and give some leeway before we assess late fees. We send out reminders 5 days after the due date if they have not paid, and then late fees are assessed if miss their 30 day window. Not sure that is how it is for everyone, but I've heard its common.
Also, to support what everyone else said, a mortgage late will not be reported to a CRA if it is within 30 days of the due date. The first day after 30 days, they won't hesitate to report it.
Also, to support what everyone else said, a mortgage late will not be reported to a CRA if it is within 30 days of the due date. The first day after 30 days, they won't hesitate to report it.
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