Question:

How will late payment affect credit score?

Answer:

It depends on how late you are. Late payment does affect credit score - but not as much as one may think. Thirty day late payments do nothing or damage it only slightly - only for limited time. So does the 60 day late payment - they both affect your credit score only temporarily. The danger comes from the 90 day late payment - it does cut down your rating and signifies a great risk for the lender.

No matter if the 90 day late payment is late on a $100 or on a $100,000 loan. The amount doesn't matter. What you could do is either repay quickly and request it is removed from your report, or just don't let it get a 120 day late. A 120 day late payment will be getting a foreclosure.

Foreclosures and settlements do affect your credit score extremely negatively.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
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Common misspellings: mortage and morgage