30 day late on mortgage

[Anonymous]

I was 30 days late on my mortgage payment in September since then I have payed down credit card debt approximately 5000 how long will it take before my credit score rises above 580, and I will be back above 720?

[Anonymous]

I paid credit cards off and down in October. the credit cards I still have balance is on are sitting at about 30% now.

[Anonymous]

I want to refinance before rates go up again. Any help is greatly appreciated.

[Creditaddict]

they late will be very damaging for the better part of a year probably.

[TRC_WA]

You probably should have taken some of that 5000 and applied it to the mortgage. The lower CC balances will not offset the 30 day late.

[Anonymous]

Mortgage is current. I was told by paying several thousand on cc's will be more Beneficial to your fico score then paying a couple thousand on a mortgage. If I stay current on everything now, and don't close any accounts, or apply for new credit, when can I expect my fico to rise above 720?

[Dw4250]

If that's the only late on your entire report, I think you'd have a decent chance of getting it removed. If you have a smattering of lates (mortgage or otherwise), it will be much more difficult to convince them you forgot/messed up. Try a goodwill letter or even a phone call.

Mortgage lates are like a gut punch to the scores for the better part of two years (as you know).

[ExplicitElicit]

As previously stated, I don't think it was worth being late on your mortgage to pay down your cards. You should have done both and paid your cards down overtime. As DW4250 said, you may want to contact your lender to see if they'll remove the late from repot out of goodwill. Everyone's credit is different, so depending on the rest of your report who knows. Garden for the next year and keep UTL low and you should see them start improving.

[Anonymous]

I was late on the mortgage because I didn't have funds. I recently got some extra funds after I was late 30 days on mortgage. My mortgage is current now, so I decided to pay down some cc's to improve my fico I was reading in money magazine that paying several thousand of of cc's you can raise your fico as much as 100 points. Everything is current now I have 1 late mortgage payment 30 days late. Other then that I have nothing late. Within several months will my score increase? More importantly above 720? I'm trying to refinance into a conventional loan I have an FHA right now and I'm paying mortgage insurance and I do not want to pay mortgage insurance anymore but no one will qualify me for a conventional with a 580 fico score. I'm at four and a quarter right now for my mortgage I would like to get my interest down lower than that and jump into a conventional thanks for the help it is greatly appreciated

[Anonymous]

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@Anonymous wrote:
I was late on the mortgage because I didn't have funds. I recently got some extra funds after I was late 30 days on mortgage. My mortgage is current now, so I decided to pay down some cc's to improve my fico I was reading in money magazine that paying several thousand of of cc's you can raise your fico as much as 100 points. Everything is current now I have 1 late mortgage payment 30 days late. Other then that I have nothing late. Within several months will my score increase? More importantly above 720? I'm trying to refinance into a conventional loan I have an FHA right now and I'm paying mortgage insurance and I do not want to pay mortgage insurance anymore but no one will qualify me for a conventional with a 580 fico score. I'm at four and a quarter right now for my mortgage I would like to get my interest down lower than that and jump into a conventional thanks for the help it is greatly appreciated

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Unfortunately, as others have said a mortgage late will impact your score for many months.  It may also make getting a mortgage harder regardless of score, although being quickly current may reduce that impact.

This article has some more info from Fico  http://blog.readyforzero.com/one-late-mortgage-payment-hurt-credit-score/

The chart shows depending on your credit profile it takes between 9 months and 3 years to fully recover (the higher the initial score the longer).