Posted on: 12th Jul, 2006 07:08 pm
Hi i have 2 question
1 i have just found out that someone has put 3 late payments on my credit 1 at 120 and 2 at 150 my score was 670 how much do you think this affected my score.
2 is there anyway i can use my wifes income but not credit score to get a mortgage
1 i have just found out that someone has put 3 late payments on my credit 1 at 120 and 2 at 150 my score was 670 how much do you think this affected my score.
2 is there anyway i can use my wifes income but not credit score to get a mortgage
Hi,
Welcome to the forums.
Late payments do affect your credit score to a large extent. Although your score is reasonable enough, yet I feel its better not to delay payments. All such late payments are recorded in the credit report which any creditor wishes to review before offering any loan.
As far as getting the mortgage is concerned, your credit score will definitely be a deciding factor. You may use your wife's income provided her name is also on the mortgage document along with yours. But I feel the lender will give it more importance if she is the primary borrower. Anyway, lenders consider both factors - the income level as well as the credit score in order to analyze a borrower's financial situation.
Thanks,
Caron.
Welcome to the forums.
Late payments do affect your credit score to a large extent. Although your score is reasonable enough, yet I feel its better not to delay payments. All such late payments are recorded in the credit report which any creditor wishes to review before offering any loan.
As far as getting the mortgage is concerned, your credit score will definitely be a deciding factor. You may use your wife's income provided her name is also on the mortgage document along with yours. But I feel the lender will give it more importance if she is the primary borrower. Anyway, lenders consider both factors - the income level as well as the credit score in order to analyze a borrower's financial situation.
Thanks,
Caron.
i agree that late payments has a big effect on your credit report.
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