Washington Business Daily

How bad can the late mortgage payments hurt my credit score?

I'm one month behind of my two mortgage payments (one for my own house, and the other one for the investment property). I am planning to catch up all the late payments in the end of next month since I need the money for some important thing right now. How bad can this hurt my credit score?

Public Comments

1. one month sometimes won't do much . but I'd check it out with some savey person first. Question what is more important? your commitment/word or what you want to do. talk to your bank manager. good to have a relationship with them so they know who you are.
2. Critical.
3. Try to borrow from a relative for the 2 mortgages. When it goes over 30 days, it goes to the credit bureaus. Plus you are charged add'l interest everyday past your due date. It's called per-diem. If you owe 2 and sent in only one, they will probably send it back. I hate to say this, But read your contract.
4. Any recent late payment, especially a mortgage, can be devasting to your credit scores. I have seen a 30 day late on a $10 cell phone bill drop someones scores 60 points just because it happened the previous month. Ouch!