Bouncing back from a 30 day late mortgage payment.

[mwmiller82]

Hello all, it's been a long time, I had a question, I've purchased my first home this past April, this months I went 30 days late on my mortgage, due to being out of work from the government shut down. I'm playing catch up now, already notified the bank.

My question is, my score dropped from a 660 to a 530 INSTANTLY!!!! That hurt so bad, I've went 2 years of on time payments, and just one late plummet my score just like that! I wanted to know, how long until I can see my score start to take big increases again to get me back to where I was or at least close to it! I won't get a 60 day late I'm making a double payment this month. I just want my score back!!!!

Help guys!!!

[llecs]

That's quite a bit for a 30. I've seen as much as 100, but yours is considerably higher. Assuming it's all due to the late as opposed to higher util, reliance upon CCs, lates or other baddies aside from the 30, then know that the damage will fade. If the 30 just happened, then a month later you'll probably see a moderate rebound since the status will go from something like "is currently 30 past due" to "was 30 days past due". You'll see a status change when it updates next. Then over time the damage from that 30 will fade. Provided there are no future baddies, you'll see most all, if not all, of the points come back within 2 years because it's only a 30. Or GW now and see improvements sooner.