Comments on: Credit Score Factors Pie – Lesson #2 http://www.videocreditscore.com/credit-score-factors-pie/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Dimitrios http://www.videocreditscore.com/credit-score-factors-pie/#comment-1552 Dimitrios Fri, 15 Apr 2011 12:19:32 +0000 http://cupcake.me/?p=14#comment-1552 I am a mortgage professional. In response to the question of paying your mortgage payment during grace period. This will not hurt your credit. The real due date is not the grace period though. It is the date the payment is due. A "late" payment is only reported if it is 30 days late. IE: if your payment is due on May 1st, as long as you pay by June 1st, you will not have a late payment on your credit. Having said that, I would not encourage that, since you will pay a penalty AND if for some reason your payment does not go through or they record it a day late, you will tarnish your credit. I am a mortgage professional.

In response to the question of paying your mortgage payment during grace period. This will not hurt your credit.

The real due date is not the grace period though. It is the date the payment is due. A “late” payment is only reported if it is 30 days late. IE: if your payment is due on May 1st, as long as you pay by June 1st, you will not have a late payment on your credit.

Having said that, I would not encourage that, since you will pay a penalty AND if for some reason your payment does not go through or they record it a day late, you will tarnish your credit.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/credit-score-factors-pie/#comment-1130 VideoCreditScore-Andy Thu, 21 Jan 2010 05:35:01 +0000 http://cupcake.me/?p=14#comment-1130 Sorry for the slow response. Utilities, insurance payment history doesn't show up in your credit report. Focus on ccs, home loans, auto loans, personal loans and cell phone bills. Yes, a company has to report payment history, but most larger companies have direct systems with the credit bureaus. Paying on time means paying by the end of the grace period. Your real due date for things like mortgage payments is the last day of a grace period. Sorry for the slow response.
Utilities, insurance payment history doesn’t show up in your credit report. Focus on ccs, home loans, auto loans, personal loans and cell phone bills.

Yes, a company has to report payment history, but most larger companies have direct systems with the credit bureaus.

Paying on time means paying by the end of the grace period. Your real due date for things like mortgage payments is the last day of a grace period.

]]> By: renee http://www.videocreditscore.com/credit-score-factors-pie/#comment-1115 renee Thu, 17 Dec 2009 14:25:50 +0000 http://cupcake.me/?p=14#comment-1115 Would you clarify about making payments on time? Are you talking about just credit payments? Or, are you talking about ALL payments, such as utilities, mortgage, phone, insurance, etc. In order for a late payment to a vendor to show up on our credit score, does that organization have to "report" our late payment, or does it automatically get documented with the credit bureau somehow? Our paycheck period and our mortgage due date are off by one week each month. The grace period for payment is 15 before a late fee is charged. We always pay our mortgage after the due date but during the grace period. When you say that making payments on time is a primary factor, does that mean that our practice of paying one week into the grace period is keeping our score down? Your website is very helpful. Thank you for this lesson! Renee Would you clarify about making payments on time?

Are you talking about just credit payments? Or, are you talking about ALL payments, such as utilities, mortgage, phone, insurance, etc.

In order for a late payment to a vendor to show up on our credit score, does that organization have to “report” our late payment, or does it automatically get documented with the credit bureau somehow?

Our paycheck period and our mortgage due date are off by one week each month. The grace period for payment is 15 before a late fee is charged. We always pay our mortgage after the due date but during the grace period. When you say that making payments on time is a primary factor, does that mean that our practice of paying one week into the grace period is keeping our score down?

Your website is very helpful. Thank you for this lesson!

Renee

]]> By: awjolls http://www.videocreditscore.com/credit-score-factors-pie/#comment-424 awjolls Mon, 12 Jan 2009 18:18:14 +0000 http://cupcake.me/?p=14#comment-424 That's exactly the approach to take. You want to wait until the near-end to get the hard inquiry. They won't lock the rate until then, but you shouldn't get any surprises. The key is getting your FICO scores as those are the scores that lenders will use. That’s exactly the approach to take. You want to wait until the near-end to get the hard inquiry. They won’t lock the rate until then, but you shouldn’t get any surprises. The key is getting your FICO scores as those are the scores that lenders will use.

]]> By: L.A. Ockey http://www.videocreditscore.com/credit-score-factors-pie/#comment-422 L.A. Ockey Mon, 12 Jan 2009 17:29:33 +0000 http://cupcake.me/?p=14#comment-422 When shopping for a loan, why not pull your own credit report, since it is a soft inquiry, to show potential lenders with the provision that the rate info that they quote you will be dependent on a similar credit rating. Then, and only then, when you have selected a lender allow that lender to make their standard hard inquiry directly. When shopping for a loan, why not pull your own credit report, since it is a soft inquiry, to show potential lenders with the provision that the rate info that they quote you will be dependent on a similar credit rating. Then, and only then, when you have selected a lender allow that lender to make their standard hard inquiry directly.

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