Credit Score Ratings

by Miss H

Ask Kate: Credit score ratings - Oh no! I missed a payment. Hi Kate, How will one late mortgage payment affect my credit score ratings? Just this month I missed our mortgage payment and have paid it today but the mortgage company said that would have already gone to the credit bureau.

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I have never been late in 18 years of paying a mortgage. How many points would you estimate this to take off of my credit score?

Kate Answers: Credit Score Ratings

Miss H, This is a tough pill to swallow. The thought of 18 years of paying bills on time affected by one missed payment hurts to think about.

To answer your question, it is my opinion that no one knows for sure. It isn't like the three major credit reporting agencies publish their formulas for calculating credit score ratings.

So what should a homeowner do if they accidentally skipped a mortgage payment? First of all, exactly what you did. Don't wait. Call the lender and make the payment because the longer it goes unpaid, the rougher it is on your credit history.

Time is on your side after this. With no other late payments to murk up the water, your scores will improve more quickly. And to make sure this never happens again, call your loan servicer to ask about automatic mortgage payment service.

For anyone not familiar with this, most home loan lenders offer to automatically deduct your mortgage payment monthly for no charge from your checking account. Or another way is to set up an online bill payer with your bank or credit union. Many of these plans are free also.

But a word of caution regarding both of these services. Check monthly before your monthly house payments are due to determine they were actually received by your mortgage company. It is your mortgage and NO ONE will care as much about it as you!

I have provided links to uncommon information about credit at the bottom of this page for your convenience. By all means, please let me know if you have more questions.

Take a moment to bookmark Credit Score Ratings - I Missed A Payment to your favorites and return often for more credit help. Miss H, you can also invite friends to comment on this page or ask another question of their own like you did. Visit Credit FAQs for solutions based on inquiries from other Contributors just like you.

Best Wishes,

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You can also ask Kate about your mortgage at How to Improve Your Credit Rating with Amazing Success.

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