How much of a dent will your credit score be if your mortgage is 90-days late?

Will my credit improve if I paid off my mortgage even though I have 90 days late payment. And how can I improve my credit score? Can I still buy another home after a year?

How much of a dent will your credit score be if your mortgage is 90-days late?

It%26#039;ll be a part of your credit score for the next seven years. That won%26#039;t change, even if you paid your mortgage in full.

There is a formula that figures the score, and that%26#039;s a trade secret with the credit agencies. We cannot answer how it effects your credit score.

If there were extenuating circumstances for the lateness, you can have a statement added to the report to explain the lateness. It won%26#039;t effect the score, but might help you with future loans.

How much of a dent will your credit score be if your mortgage is 90-days late?

Be happy you still own the house =)

How much of a dent will your credit score be if your mortgage is 90-days late?

Like totalling a brand new escapade

How much of a dent will your credit score be if your mortgage is 90-days late?

Foreclosure is the only concern you have and that%26#039;s a huge concern. That%26#039;s because you have a very low interest rate on the most expensive loan in your life. Just pay cash for any new/used car. You will not be able to finance one at a reasonable rate for 7 years. Thus, you may want to depreciate $4,000 per year and put that into a high-yield savings account. If it will be multiple years (5+ years), a balanced fund such as VALIX or VGSTX is in order or something more conservative like FASIX.

I would pay off the home and own it free %26amp; clear. I wouldn%26#039;t be buying an investment property with your affected credit score. I%26#039;d check the FICO score and then make a determination after. If you are a subprime borrower, you might pay 2-3% more on your new mortgage in addition to it being a higher mortgage as it is an investment property.