@EaglesFan2006 wrote:Long story short, I am overwhelmed with debt. Personal loan and CC payments are eating my budget alive. Its my fault to be in thie spot and I know that, but there have also been what feels like an endless string of unexpected expenses to the point where this has become very consuming and stressful around the clock.
Anyway that is a set up for my questions ... I cut just about everything I can from my budget and am still able to make payments. Nothing is late yet. However, I don't have much room left at all for any more emergencies and as we all know life happens. So I'm bracing for the possibiltiy that I might miss a payment or go delinquent. I hope I don't, but I'm mentally trying to prepare myself. I've already used up things like skip-pays that were offered and tried reaching out to creditors, I don't think there is anything else I can do to negotiate with them short of debt settlement companies which I do not want to do.
So ... my question is what is the long-term impact of negatives like late payments or anything? I am not concerned with anythig like immediate score dips since I won't be going for any credit for quite a while. But in a couple of years when all this debt is gone we might want to move or look at changing houses...years down the road like 2025 or 2026. So while I know a late payment or worse will drop my score, what might a UW think years from now looking at my file, assuming I don't have anything truly drastic like a charge-off or a collection?
As you already know, they impact your scores over a long time, but diminish in impact as time goes by. And the worse the lates, the longer the impact.
As to what an underwriter might think, I can only guess, but I imagine that they would think the same thing you and I would think, which is that you went through a tough patch once, but came out on the other end.
And of course you could tell them that the only reason it happened was that the Eagles lost the Super Bowl.
@SouthJamaica wrote:
@EaglesFan2006 wrote:Anyway that is a set up for my questions ... I cut just about everything I can from my budget and am still able to make payments. Nothing is late yet. However, I don't have much room left at all for any more emergencies and as we all know life happens. So I'm bracing for the possibiltiy that I might miss a payment or go delinquent. I hope I don't, but I'm mentally trying to prepare myself. I've already used up things like skip-pays that were offered and tried reaching out to creditors, I don't think there is anything else I can do to negotiate with them short of debt settlement companies which I do not want to do.
So ... my question is what is the long-term impact of negatives like late payments or anything? I am not concerned with anythig like immediate score dips since I won't be going for any credit for quite a while. But in a couple of years when all this debt is gone we might want to move or look at changing houses...years down the road like 2025 or 2026. So while I know a late payment or worse will drop my score, what might a UW think years from now looking at my file, assuming I don't have anything truly drastic like a charge-off or a collection?
As you already know, they impact your scores over a long time, but diminish in impact as time goes by. And the worse the lates, the longer the impact.
As to what an underwriter might think, I can only guess, but I imagine that they would think the same thing you and I would think, which is that you went through a tough patch once, but came out on the other end.
And of course you could tell them that the only reason it happened was that the Eagles lost the Super Bowl.
Sports gambling is a risky hobby, SJ 
Below is a repost of impact of lates on score from ABCD. It has some flaws but is good as an illustration. Avoid a 90 day late at all costs. A 30 day late and even a 60 day late have a substantially reduced impact on score after 24 months - but will still have a negative effect for a full 7 years.
@Thomas_Thumb wrote:
@SouthJamaica wrote:
@EaglesFan2006 wrote:Anyway that is a set up for my questions ... I cut just about everything I can from my budget and am still able to make payments. Nothing is late yet. However, I don't have much room left at all for any more emergencies and as we all know life happens. So I'm bracing for the possibiltiy that I might miss a payment or go delinquent. I hope I don't, but I'm mentally trying to prepare myself. I've already used up things like skip-pays that were offered and tried reaching out to creditors, I don't think there is anything else I can do to negotiate with them short of debt settlement companies which I do not want to do.
So ... my question is what is the long-term impact of negatives like late payments or anything? I am not concerned with anythig like immediate score dips since I won't be going for any credit for quite a while. But in a couple of years when all this debt is gone we might want to move or look at changing houses...years down the road like 2025 or 2026. So while I know a late payment or worse will drop my score, what might a UW think years from now looking at my file, assuming I don't have anything truly drastic like a charge-off or a collection?
As you already know, they impact your scores over a long time, but diminish in impact as time goes by. And the worse the lates, the longer the impact.
As to what an underwriter might think, I can only guess, but I imagine that they would think the same thing you and I would think, which is that you went through a tough patch once, but came out on the other end.
And of course you could tell them that the only reason it happened was that the Eagles lost the Super Bowl.
Sports gambling is a risky hobby, SJ
Below is a repost of impact of lates on score from ABCD. It has some flaws but is good as an illustration. Avoid a 90 day late at all costs. A 30 day late and even a 60 day late have a substantially reduced impact on score after 24 months - but will still have a negative effect for a full 7 years.
Thanks for this reminder. It was my reference during my rebuild.
(+102) | 
(+106) | 
(+151)
Is there any way to cover things a bit via the job?
Filling in for others (sick, vacation, etc), overtime, raise, etc.
@Thomas_Thumb wrote:
@SouthJamaica wrote:
@EaglesFan2006 wrote:Anyway that is a set up for my questions ... I cut just about everything I can from my budget and am still able to make payments. Nothing is late yet. However, I don't have much room left at all for any more emergencies and as we all know life happens. So I'm bracing for the possibiltiy that I might miss a payment or go delinquent. I hope I don't, but I'm mentally trying to prepare myself. I've already used up things like skip-pays that were offered and tried reaching out to creditors, I don't think there is anything else I can do to negotiate with them short of debt settlement companies which I do not want to do.
So ... my question is what is the long-term impact of negatives like late payments or anything? I am not concerned with anythig like immediate score dips since I won't be going for any credit for quite a while. But in a couple of years when all this debt is gone we might want to move or look at changing houses...years down the road like 2025 or 2026. So while I know a late payment or worse will drop my score, what might a UW think years from now looking at my file, assuming I don't have anything truly drastic like a charge-off or a collection?
As you already know, they impact your scores over a long time, but diminish in impact as time goes by. And the worse the lates, the longer the impact.
As to what an underwriter might think, I can only guess, but I imagine that they would think the same thing you and I would think, which is that you went through a tough patch once, but came out on the other end.
And of course you could tell them that the only reason it happened was that the Eagles lost the Super Bowl.
Sports gambling is a risky hobby, SJ
Below is a repost of impact of lates on score from ABCD. It has some flaws but is good as an illustration. Avoid a 90 day late at all costs. A 30 day late and even a 60 day late have a substantially reduced impact on score after 24 months - but will still have a negative effect for a full 7 years.
@Thomas_Thumb pardon my ignorance but what are the numbers in the left hand column?
BTW I wasn't suggesting @EaglesFan2006 bet on the Super Bowl, just that he fell into a deep, albeit temporary, depression when the Eagles lost