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.
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.
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.
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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