Determining the damage from one missed payment

Missing one mortgage payment can send a credit score tumbling.For those looking to buy a home, one of the most important things is having a strong credit score. However, just one missed mortgage payment can have a significant impact, the New York Times reports.FICO scores – the most commonly used scores – range from a low of 300 up to 850. According to the paper, lenders generally consider scores under 650 to be a high risk.According to analysis by FICO, having one mortgage payment come in 30 days late can drop a 780 credit score all the way down to the 670 to 690 range. For those with a starting score of 720, their score can fall all the way to 630 to 650. Those with a score of 680 could plummet to between 600 to 620.If payments remain past due, FICO says a 90-day late bill can drop even the higher scores below the 650 threshold.Those looking at Houston homes may have seen their credit scores improve in recent weeks. According to CreditKarma.com, Houston residents decreased their average credit card debt by 6 percent during the first quarter of the year.Courtesy of 2M Realty News

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