Does this hurt your Credit Score?

Question

If you make a mortgage payment between your grace period.

Let's say you payment is due on the 1st....but there is an additional penalty after 15th....so there is an obvious grace period...

so my question becomes....even if you pay within this grace period...will still lower you credit score? Will this still be considered a late payment?

(I have been paying the mortgage few days after the 1st because we don't get paid until the 1st)

Answer 1

despite popular belief, and although it is easier on the mind, the credit system is pretty exact. If you make your payment after the due date, it is known. While only lowering your credit score a little, credit is all about credibility. when taking out future loans, lenders WILL know you made your payments later than you were supposed to, and didn't adjust your due date, to make your payments on time.

Answer 2

It will probably show on your loan through the bank, but I believe you have to be thirty days late for it to be reported to the credit bureau. Can you contact the bank to see if they can change your payment date?

Answer 3

I don't think this will constitute being a late payment, but what you should do is contact the mortgage company to see if they can change you payment due date to match what you need.  Also, if they don't you will have to save up part of the payment with one pay, and then the save from the other pay so that you can insure that your payment is in, in a timely manner.

Good luck..................

Answer 4

~~No it does not reflect on your credit report. Once the penalty charges are added for being late, they can show it as a slow pay, which would hurt. Otherwiseit is not reported if paid wthin the grace period.~~

Answer 5

If you pay the mortgage within the grace period, you are NOT late.  If you pay after the grace period, you are late and will be assessed a late fee but not reported to the credit bureau.

An account is only reported to the credit bureaus if it is 30+ days late.

Answer 6

No!  You hurt your credit anytime you make a payment PAST 30 days.  This is true for credit cards, auto loans, house payments, etc.  Creditors only report in 30 day increments, so your credit report will show how many 30, 60, 90 and 120+ late payments you have.  Some creditors (such as credit unions) don't even report late payments at all, unless they are delinquent.  I make payments every month on the 15th.  Yes, stupid, but I get paid the same way.

Answer 7

Your fine, I bet 30% of Americans do that, I do.

Answer 8

only 30 days and more gets reported. talk to your mortgage company to change the due date so you dont pay excessive charges. To be considered late your account has to be 30 days past.

Answer 9

No, it is in effect a grace period and payment within this grace period does not ding your credit.  Indeed most of the time it won't be reported unless the payment is 30 days late. However, in these times when lenders are uneasy, it is best not to play too much. I have paid my mortgage also due on the 1st as late as the 6th and have had no issues.  Most of the time though I try to pay as close to the 1st as I can.  

If you want to check out some good info on how different things do affect your score, check out this site. I think there is some good info on it.

http://www.credit-cards-comparisons.com