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late payment for 6 months

Posted on: 12th Sep, 2006 10:17 pm
if i miss a mortgage payment due on the first but then the next month i pay within the 30 days and include the late fees. if this continues for 6 months until i can make the two payments how will this effect my credit. will it show as 6 30 day late payments or one 30 day late or niether
Hi Tlan,

If you have made late payments, it will definitely show on your credit report when it is updated.
Posted on: 12th Sep, 2006 10:37 pm
Hi TLan,

Welcome to the forums.

It will not show as 6 30 day late payments, rather the credit report will display that it's one late payment for 30 days. This is because once you delay in making the payment for the first month, the creditor already reports the credit bureau that you are late in paying. And, once a late payment is recorded, it stays in the report for 7 years until and unless you can negotiate with the creditor and remove it from the report.

Thanks,

Caron.
Posted on: 12th Sep, 2006 11:15 pm
Hi TLan,

Let me share some information with you. The factors affecting credit scores can be divided into certain percentages like the total of outstanding debts contributes as much as 30 percent to the calculation of credit scores, similarly payment history has a 35 percent share, 15 percent has for the total length of your credit history, recent enquires have a share of 10 percent which are made on your report and the rest percentage depends on types of credits in use.

So you can see for yourself that payment history has a major influence in the determination of your credit score.

Thanks
Colin
Posted on: 13th Sep, 2006 03:38 am
If this happens and the payment is made current after 6 months or sooner. How likely will it be to get another mortgage in the near future or is this something where a payment history must be good for the next two years to be considered for a new mortgage if at all.

This is something I would not want to do but circumstances out of my control might force me into this which is not good.
Posted on: 13th Sep, 2006 09:16 am
It is not that because of the late payments you will not be granted a new mortgage but in such case you may have to pay higher interest rate as the lender would consider you as having a greater possibility of defaulting.

Gervais
Posted on: 13th Sep, 2006 05:13 pm
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