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You have 0 credit card balance but have been late on mortgage payments occasionally why is your score low?
Wiki User
∙ 15y ago
each payment that is late will reduce your score
Wiki User
∙ 15y ago
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How many payments on 1st mortgage until you can get a 2nd mortgage?
This is not determined by the number of payments you make, it is determined by how much equity you have in the home. If the home is worth more than the outstanding balance on the mortgage, you may be able to get a second mortgage or home equity line of credit.
If a mortgage payment is 20 days late will that be reported to the credit bureaus?
Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
Can you pay Bank of America mortgage with credit card?
Bank Of America does not allow payments towards mortgage balance to be applied from a credit card, only a checking account. Cash advance from a credit card can be obtained and then transferred to a checking account which is being used for the mortgage payment.
How does your credit rate effect your mortgage rate?
The higher your credit score, the lower your payments. The lower your credit score, the higher your payments. The analogy above shows how your credit rate affects you mortgage rate.
What can you do about a mortgage company that does not report your on-time payments?
Call the mortgage company and ask why the payments are not being reported (its illegal to NOT report payments) Further, you can call the credit bureaus, and they will request the information from the mortgage company. Realize, that in some instances credit reporting can be suspended.
Does making extra principal payments to your mortgage have any affect on your credit rating?
Yes, it will shorten the time in which the mortgage is on your credit report.
Can you get a mortgage with a credit score of 500?
Forget the credit score, before you take out a mortgage you first need to think about if you can make the payments.
Is mortgage payable debit or credit?
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
Does Bank of America take credit cards for mortgage payments?
Yes.
How do you get your mortgage payments counted on your credit score if you are on the deed but not on the mortgage?
Refinance the mortgage with you listed as a borrower. You will not be reported to the credit bureaus by being listed on the deed since you have no obligation to pay the debt.
How do you have a co signer released from a mortgage?
prove that you got exellent credit to maintain the mortgage payments up to date.
