Posted on: 27th Jan, 2006 01:56 pm
I could not make my mortgage payment this month and it seems that I can't make it until the middle of next month as I have some medical bills to pay. I have never been late previously. Will it affect my credit report? How to avoid in that case?
It will definitely affect your credit report although lenders may not consider it too bad with only one late payment in a 12 month period.
James
James
I would suggest contacting the lender and explaining your situation. In genuine cases they may not report you as late in your payment.
You can give it a try as most lenders wish to help the consumers if you have proper and regular communication with them.
You can give it a try as most lenders wish to help the consumers if you have proper and regular communication with them.
My personal experience says that if you can postpone your medical payments and pay the mortgage to stay regular, then it will be better.
Being late on medical bills may not harm as much as mortgage late payments in the credit.
Being late on medical bills may not harm as much as mortgage late payments in the credit.
Hi Jeremy,
If you are late by one month also it will effect your credit score. However try to talk to your lender about your financial crisis. It may happen that your lender may consider your situation and do not report that to the credit bureau. Actually it is totally up to your lender to decide.
All the best.
If you are late by one month also it will effect your credit score. However try to talk to your lender about your financial crisis. It may happen that your lender may consider your situation and do not report that to the credit bureau. Actually it is totally up to your lender to decide.
All the best.