Attorney Daniel lambert discusses financial advice on divorce, specifically when your ex-wife’s late mortgage payments are running your credit score.
In older FICO scoring models, such as the ones still used by the mortgage industry, even an isolated 30-day late payment could potentially have a very negative impact on your credit scores.
Most landlords don’t report late rent payments to the credit bureaus, either. And if late payments are not reported to the three bureaus, they won’t hurt your credit score. Those payments that are reported to the bureaus, and will send your score down if you’re late, include mortgage, auto loan, personal loan and student loan payments.
It goes without saying that always making your loan payments on time is arguably the most important rule for you to follow in order to earn and then maintain great credit scores. Late payments should be avoided like the plague. However, the subject of late payments and credit reporting, especially mortgage late payments, is often misunderstood.
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Creditors can report late payments to the credit bureaus, which stay on the report for up to seven years after the late payment occurs. Your credit report will also show the length of the delinquency, usually by listing the late payments as 30 days, 60 days or 90 days past due.
How do late payments affect your credit score? Having just one delinquent account on your credit report can be devastating to your credit scores. Whether it’s a late car payment, credit card payment, or mortgage payment, a recent late payment can cause as much as a 90-110 point drop on your FICO score.
A late payment after 15 days will result in a late fee, but a late payment after 30 days will result in even more consequences-like being reported to credit bureaus. Missing a mortgage payment by more than 30 days can drop your credit score, but the question is: How much can it drop?
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If you’ve ever wondered if you could take advantage of a cash-back or rewards credit card to make your monthly mortgage. sure your payments are going through as planned. You can see how your credit.