09-10-2011 10:50 PM
how badly is a 8 day late payment on a cc, and a 1 day late rent payment going to effect my ability to buy a home in a year from now. Will a mortgage company be able to find out if i was 1 day late on a rent payment even?
i have had a job for a year and a half, i have some old medical bills some from this year also, i just got 2 secured credit cards to help my credit as i had no credit history before when i tried to get a loan(they literally said i had no credit score because i had a 'thin' file.
the only other negitives i guess would be i have moved alot, but the plan was to stick it out in this house and stay at the same job for as long as i needed till i could get approved on a fha loan. also, wells fargo a year ago reported me to chexsystem or whatever its called and i cant get a checking account most places. I would be getting a F.H.A loan, the cc company told me they were taking the late charges off, but it still gets reported to the buerues, even though i read online it only goes to your credit report if its 30 days late. I didnt get the bill somehow, wife might have thrown it out idk, but how badly is each of these going to hurt me a year from now when i try to get a home loan, if i don't mess anything else up and keep those cc's going for a whole year?
IDK i'm really worried im going to be stuck in this 1 bdr with my family forever now, should i be?
09-11-2011 08:33 AM
Don't worry unless you go 30 days late. Paying the cc late may hurt your interest rate or get you late fees but they only report negatively on your credit report if you go 30 days late. Worry about getting and keeping your cc balances low to raise your score. I think one late would not hurt you too bad after a year anyway and medical collections seem to be ignored by many mortgage companies. Don't worry about the chex system keeping you from a FHA loan .
As for job time I started my last job in August 2010 and before I ran into other issues from my distant past that was not a problem. You just want to try to get your score over 580 and most likely 620.
09-11-2011 10:40 AM
An 8 day late credit card payment won't show up on a credit report, a 38 day late payment will and that is factored into your credit score - and it'd also depend on when it was and if that is the only late payment/negative item on your credit report, etc. A 1 day late rent payment (i.e. your rent is due on the 1st, late on the 5th, and you pay it on the 6th) shouldn't be an issue either unless it was within the past 12 months and there was other late payments around that period of time. If you have 12 months of clean credit history then an FHA mortgage should be an option for you, so if you haven't made it to that point yet it then just continue to make your payments on time, keep your credit card balances low, and you'll get there soon enough while your credit score is increasing the entire time (since it sounds like you have those medical collections, likely when a score reports it isn't going to be a great score), for the medical collections you may want to Google "whychat credit hipaa letter" and read the 1st link.