marco1130 wrote:
I have made 36 consecutive mortgage payments on time. Does anyone know the impact on a FICO score if I miss my July payment or am late +30 days? I was tod one payment may reduce my score by 100 points or more. Please reply.
Hi, marco, welcome to the forums!
A brand-new late is devastating, whether it's a credit card payment or a mortgage payment. The higher your FICO scores now, the worse the damage. Back when I was in the 640's or so, a 30-day on a CC dropped me 50 points, just like that.
If there's any way that you can get that payment in before they call you 30 days late, it's worth it.
Do you know your EQ (Equifax) and TU (TransUnion) FICO scores? Not the scores we call FAKO's, that come from credit monitoring services, etc. Unless you've applied for a mortgage, or you're a member of a credit union in Pennsylvania called PSECU, you don't have any way of knowing your EX (Experian) FICO score --Experian stopped allowing consumers to see their EX FICO's back in February.
If you haven't already, please read
Understanding Your FICO ® Score and
Credit Scoring 101 (at least the first post.)
These will give you the background knowledge you need to understand what you read here on the forums.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
