Cleugers Posted November 22, 2004 Report Share Posted November 22, 2004 If you are a few payment behind on your mortgage how bad will that affect your credit? We sold our house and the mortgage will be paid off in Dec will this help our credit any? Link to comment Share on other sites More sharing options...
meebones Posted November 22, 2004 Report Share Posted November 22, 2004 being late on a mortagage is like being late on any bill. It is bad for your credit if is new, as time goes on it gets less important. But if you ever go to buy a new house they will look at these lates. Link to comment Share on other sites More sharing options...
Ahntara Posted November 22, 2004 Report Share Posted November 22, 2004 I've seen late payments on a mortgage loan drop credit scores 200 points. These are especially significant when you apply for another mortgage. Link to comment Share on other sites More sharing options...
Cleugers Posted November 22, 2004 Author Report Share Posted November 22, 2004 But when we pay our mortgage off next moth shouldn't this help our scores or does it matter? Link to comment Share on other sites More sharing options...
wert Posted November 22, 2004 Report Share Posted November 22, 2004 IT will help, but if you still show a late even on a paid off mortage, it really hurts.Try a goodwill letter.See it from a creditors point of view: If a person is late on a mortgage, the very house they live in which is the most important bill you have, then you might very well be late or not pay on any 'secondary' type bill. Mortages are the number one bill not to pay late. Link to comment Share on other sites More sharing options...
Cleugers Posted November 22, 2004 Author Report Share Posted November 22, 2004 what is a goodwill letter? Link to comment Share on other sites More sharing options...
wert Posted November 22, 2004 Report Share Posted November 22, 2004 Do a search and you'll find your answer.It's basically asking a creditor to forgive a late payment from the past, change an entry on a credit report, change a status of an account because of a good payment record, etc. Link to comment Share on other sites More sharing options...
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