Refinancing Home Mortgage
In: Mortgage Payment
12 Mar 2010I’d like to know what the initial drop is in a credit score when a person falls behind on mortgage payments by one month. After the initial drop, does your score continue to drop each month you are not current or is it a one time drop? If it drops more each month you are behind, by how much?
This is about mortgage information questions.
2 Responses to How does falling behind one mortgage payment affect a credit score?
echo
March 12th, 2010 at 12:47 pm
How much your score would drop would depend on your credit file. It could drop 15 or 20 points or it could drop 100 points or more.
If you are only late once, the score drop would hit once for that particular late. If you are late more than one time a score drop would hit for each late.
The late will remain on the reports for 7 years from the date of the late.
Late payments on any type of an account are major score killers, late mortgage payments are uber score killers.
If you are applying for credit an underwriter may overlook an older late on many types of accounts, but may deny the application if the late is on a mortgage.
Jim
March 12th, 2010 at 1:03 pm
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – creditreport.fateback.com