Posted on: 22nd Aug, 2012 01:26 am
We have been approved for $465K loan for a new home. Yesterday, I found out that missed a Kohls $45 charge payment. This lapse was due to not receiving any electronic notification of payment. Anyway, spoke with Kohls and they credit us $40 back, but they said their system automatically reports as soon as a billing cycle goes unpaid and cannot undo it. Question is how much of an impact will this lapse have on our credit and approved loan?
WelcomeShanky,
Late payments or missed payments will definitely have a negative impact on your credit report. If it has been updated in your credit report, then it will create difficulties for you while you wait for a loan approval.
Late payments or missed payments will definitely have a negative impact on your credit report. If it has been updated in your credit report, then it will create difficulties for you while you wait for a loan approval.
Hi Shanky,
Adonis is correct. If you're late in your mortgage payments or if you have missed any payment, then it will definitely have a negative impact on your credit report.
Thanks
Adonis is correct. If you're late in your mortgage payments or if you have missed any payment, then it will definitely have a negative impact on your credit report.
Thanks
Yes, missed payments have negative impact on your credit score. You can request your lender not to report that so that it does not get reflected in your credit report.