Credit Impact for Being 30 Days Late

How is my credit impacted after being 30 days late and how can I recover from this?

1 Answer

A 30 day mortgage late payment usually take 12 months to cure.   There will be a ding on your credit but only time fixes that.  Just keep making the payments on time. 

I guess the best example of this is if I'm refinancing a customer and they have a 30 day mortgage late 12 or even 24 months ago it's usually an letter of explanation and off we go.  But if the mortgage late was two months ago, no way could I get them refinanced. 

Not sure how it effects credit card approvals and car loans but if your not planning on buying anything on time then i guess it's no big deal and time will cure.  Your FICO will more than likely take a hit, by how much I don't know.  The big thing is if it's already late then must make all the rest of the payments on time and your FICO will recover. 

One thing to make sure it's late as all mortgages are due on the 1's payable by the 15th and considered late after the 30th.  So if you're between the 15 and the 30th there is only a late charge and not a "mortgage late" reported on your credit.  Also you might want to call the servier and ask them not to report the late and they might comply, you may have to provide a letter of explanation of why it was late.  It's always worth a shot.