Rebuilding Your Credit

[deeheep]

I ran into financial problems late last year and fell behind by 120 days on my mortgage.  I made enough on my tax return to pay the past due and be current once again.  How long will it take for my FICO score to improve and how much will it improve.  My FICO score went from 720 around 6 months ago down to 600 today.

[cobaltnv]

A 120 late is a very serious derog and will hurt for quite some time. I will let others with more experience with this comment on how long it will hurt. I would suggest starting to write GW letters ASAP. 

Good Luck! 

[WannaHouse]

I believe it will take a year to see any improvement, and it will get better as the years pass. I would seriously consider trying to talk them into just a 30 or 60 day late if they would, but don't hold your breath.

If it was your first late, and you have had the mortgage for a few years, then your chances improve as far as dealing with them.

Good Luck.

[ellenmae]

If you got that big of a refund, you might also want to consider revising your w4 withholdings, so you get keep more of your money every paycheck. Sorry for not being able to answer your fico score question.