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Mortage Payment Question

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Question
LIF Adolescent

Member since 5/05

703 total posts

Name:

Mortage Payment Question

I have a question about mortage payments -- my payment is due the 1st of every month, but on the form its tells you after the 16th of the month you will be charge X amount of dollars --which is the late fee, OK fine.

But someone told me that if you pay it "on time" for the 1st of the month--it gives you a better credit rating, then paying it during the 15 days after - is this true?

Posted 8/22/06 11:31 AM
 
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MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: Mortage Payment Question

Nope-

only late payments that are reported on a credit report are 30+days.

they are grouped 30, 60, 90, etc.
so if you are 59 days late, it shows at a 30.

i would just pay on time all the time so you dont have to worry!

Posted 8/22/06 11:33 AM
 

Nicole728
My Happy Girl

Member since 7/06

8198 total posts

Name:
Me

Re: Mortage Payment Question

Posted by Meaghan729

Nope-

only late payments that are reported on a credit report are 30+days.

they are grouped 30, 60, 90, etc.
so if you are 59 days late, it shows at a 30.

i would just pay on time all the time so you dont have to worry!



agreed

Posted 8/22/06 11:40 AM
 

LMFitz
life is good

Member since 5/05

2013 total posts

Name:
L

Re: Mortage Payment Question

I pay mine the 15th of every month - and have done so for 6 years now. No negative effects yet...

Posted 8/22/06 11:44 AM
 

lulugrrl
My 3 Blessings

Member since 3/06

6551 total posts

Name:
L

Re: Mortage Payment Question

we always pay on the 15th...it has never been a probelm...

Posted 8/22/06 11:44 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Mortage Payment Question

I pay it on the 12th. No problems here.

Posted 8/22/06 11:46 AM
 

Question
LIF Adolescent

Member since 5/05

703 total posts

Name:

Re: Mortage Payment Question

Thanks.

Posted 8/22/06 12:11 PM
 

kaklesmay
Love my baby boy!

Member since 9/05

1151 total posts

Name:
Kim

Re: Mortage Payment Question

Check this old post out though.

Grace Period

Posted 8/22/06 12:41 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: Mortage Payment Question

I look at credit reports A LOT.

Unless you are paying 30 days or later past the due date, it is not reported on your credit report.

I dont know why in that posted link the mortgage co would report it...

Posted 8/22/06 12:48 PM
 

Question
LIF Adolescent

Member since 5/05

703 total posts

Name:

Re: Mortage Payment Question

Posted by kaklesmay

Check this old post out though.

Grace Period



omg - thanks for posting this. This is what I was talking about. I have to show this to DH - because he didn't believe me.

Posted 8/22/06 12:48 PM
 
 

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