Let's say you have a fair credit score of 660 with one old collection account, 5 accounts with no late payments and 3 older accounts
with several late payments.
Not exact matches
Now, seven years
later, Skelos faces a federal complaint
with several charges, including monetizing his office by arranging
payments to him and his son through a developer who sought favorable legislation.
You are not going to lose nearly as many points if you are
late with one
payment as you will if you are delinquent for
several months to the point where your account has been turned over to a collection agency.
There are
several stipulations associated
with a
late payment fee.
After speaking
with American express
several times over the last year, I tried a modified version of your sample goodwill letter a few months back and they just deleted the
late payment from my account and «thanked me» for being a customer.
I think it would be easy for someone to renegotiate their mortgage, pay the termination fee, end up
with lower monthly
payments and be congratulating themselves
several months
later (having forgotten about the termination fee) on their clever financial engineering («Hey neighbour, I refinanced and saved $ 200 per month»).
If you are
late with your
payments several times over the course of the
payment period, you run the risk of having an interest rate that is much higher than what was originally computed for you.
This may mean you're working on building your credit for the first time, or could indicate you have had a few hiccups
with your credit, such as making
several late payments, and need to rebuild.
With mortgage rates and rent prices climbing on top of the availability of
several down
payment assistance programs, there's no better reason to purchase your first home sooner rather than
later.