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Unable to pay mortgage

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drandle42



Joined: 21 Jun 2008
drandle42's page
Posts: 1



20 Magic Points
Subject: Unable to pay mortgage
 
 Posted on Sat Jun 21, 2008 3:54 pm  
If I miss a mortgage payment how much will my credit score go down?
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 180



4868 Magic Points
 
 Posted on Mon Jun 23, 2008 5:17 am  
If you have even one missed mortgage payment, it can greatly hamper your credit score. Your credit score may drop down to as much as 100 points or even more, and this drop in credit score will stay in your for a period of one year, and that too from the date you have made your account current.
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 412



10749 Magic Points
 
 Posted on Mon Jun 23, 2008 5:30 am  
Hi drandle
I agree with Scott. If you are serious about your credit score, you should always take steps to ensure that the mortgage payments are made every month in time. This is because, letting down your credit score by as much as 100 points will cost you with much higher interest rates, increased insurance premiums and even difficulty in opening new lines of credit.
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Best Wishes
Justin
 
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