Credit hit Score after 1 missed payment!

[puffer]

I have missed 1 payment on my mortgage and it went from 739 to 670. Thats a whopping 69 points for 1 missed payment. I will inform you of what i get hit for the next missed pmt.

[Mr.Smith]

My wife has alert on her credit hers went from 777 to 702. I'm queries what is going to be in 120 days? Anyway we’ll find out if they let us?

[FacingNorth]

I've seen on this forum that a foreclosure is a hit of 200-300 points. I've also read here that if you foreclose, that you should stay in your home for the full amount of time that the law allows before you can be kicked out, which in my state (AZ) is 90 days. The reason being that you can basically get 3 months of free rent out of it to save up for the future.

So, what I'm wondering, is wouldn't not paying your mortgage for 3 months basically mean that you'd get 3 hits on your credit before you even get the hit for the foreclosure? Therefore, with your example of ~70 points for one month's late payment, you'd end up with 70x3 plus 200-300, or 410-510 point hit on your credit. So with that math a credit score of 700 could drop to below 200?!! Is that correct?

[puffer]

Originally Posted by FacingNorth

I've seen on this forum that a foreclosure is a hit of 200-300 points. I've also read here that if you foreclose, that you should stay in your home for the full amount of time that the law allows before you can be kicked out, which in my state (AZ) is 90 days. The reason being that you can basically get 3 months of free rent out of it to save up for the future.

So, what I'm wondering, is wouldn't not paying your mortgage for 3 months basically mean that you'd get 3 hits on your credit before you even get the hit for the foreclosure? Therefore, with your example of ~70 points for one month's late payment, you'd end up with 70x3 plus 200-300, or 410-510 point hit on your credit. So with that math a credit score of 700 could drop to below 200?!! Is that correct?

I hope this isnt the way it works. I believe the whole foreclosure process will hit me for about 250 points total,atleast thats how i understand it.

[Mr.Smith]

On 11/20/08 Countrywide reported 60 – day late payment. My wife lost 12 points. Now my wife credit is 690 points. Will keep you updated after we will 90-day late.

[FacingNorth]

Thanks for the update.

I saw something the other day that said the first 30 day late on your credit is the largest single impact, and that several 90 day lates are only about double the hit as the first 30 day. Though, the example listed said that the first 30 day was higher than 12 points, something like 30 points.

[cdmosaic]

Well to add to this thread I checked my report for the first time since July today. I have 3 missed payments on my 1st, 2 missed on my 2nd and becuase of all the medical bills (my current finanical hardship), a couple of collections. My score tanked from 709 to 478. I plan to file bankruptcy cause the score really can't get much worse, Well, it could but it wouldn't matter.

[acesfull]

Hi All

This is a topic of interest to me. I have kept my scores decent in the last 4 years. Around 700 on all three reports. Now to get my loan modification I went 2 months late. I know, but this was simply to get the mortgage companys attention. They didn't want to consider me for a mod until I was 60 days late. Now I have the modification but wondering how bad my scores were hit? Thanks

acesfull

[puffer]

Ok it all said and done i think? My first 30 day late hit me for 69 points,my 60 day hit me for 5 points and a RF (repossetion/foreclosure) hit me for 0 points.I just checked my credit this mourning and this was the outcome. I dont know if they can report any further than a "RF" on a credit report can they? If this is as far as they go then it will have taken about 74 credit points in the end.This is copy/paste from my credit report.

	07	07	07	07	07	07	07	07	07	08	08	08	08	08	08	08	08	08	08	08	08
			OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	OK	30	60	RF

WELLS FARGO HOME MORTGAGE

----

$104,762.00

12/1/2008

BANK ADJUSTMENT / DEED IN LIEU / BANK LIQUIDATION

[LHarveyMadman]

Originally Posted by acesfull

Hi All

This is a topic of interest to me. I have kept my scores decent in the last 4 years. Around 700 on all three reports. Now to get my loan modification I went 2 months late. I know, but this was simply to get the mortgage companys attention. They didn't want to consider me for a mod until I was 60 days late. Now I have the modification but wondering how bad my scores were hit? Thanks

acesfull

The best way to get your answer is to pull your credit score. I strongly recommend getting your score from myFICO.com as opposed to any other site. myFICO.com is the only way to pull the same credit score that is used by almost all lenders, car dealers, cell phone companies, etc. The scores from the credit reporting agency sites (Equifax, Experian, TransUnion) are sometimes "Vantage Scores", which use a different scale and do not necessarily correlate with FICO scores. Other sites, like TrueCredit, give a score that looks like a real FICO score, but again it could differ from the more relevant true FICO score.

The credit scores from myFICO.com, unfortunately, are more expensive than those from other sites. You might be able to find discount codes online though.

With regard to how your score might have been affected, it depends on whether your lender was reporting you to the credit agencies during your modification process. My lender has put a freeze on credit reporting during my modification. My FICO score has been stable, and I'm currently >30 days late on my November payment. However, they were willing to consider my modification before I was late, so the credit freeze was already in place when the 30 days elapsed.

[Mr.Smith]

On ffice:smarttags" />12/11/08 CW reported 90-day late. Our score have not changed. It’s now 690 points. Once we see foreclosure on our credit report then we’ll move out. So, CW can add this house to their inventory. J

[LMASON]

lol!! I heard that!!

[JenMBS]

Ok... We have never been late on anything. Our Score is 802. We for the first time in our lives will have to write a letter of hardship and are asking to miss a few payments plus see if we qualify for the Home Affordable Modification. We will miss our first payment in May. We will be sending out our letter in the next two days saying why we will be missing a payment. What is this going to do to our score?