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| *Loan,banking and credit>>>credit score |
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? It'll be a part of your credit score for the next seven years. That won't change, even if you paid your mortgage in full. There is a formula that figures the score, and that'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't effect the score, but might help you with future loans. Be happy you still own the house =) Like totalling a brand new escapade Foreclosure is the only concern you have and that's a huge concern. That'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 & clear. I wouldn't be buying an investment property with your affected credit score. I'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. |
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