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Low Credit Score Due To Late Mortgage Payments

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  • 09-27-2007, 09:04 AM
    Sniper1
    Low Credit Score Due To Late Mortgage Payments
    I currently have a 543 credit score due to late mortgage payments and a couple of credit cards that are maxed. I would like to sell my home. My question is, if I start making mortgage payments on time and pay my credit cards, how long thereafter would it take to get my credit score high enough to purchase another home?

    All payments have been paid in a timely manner, including an auto loan, except for my mortgage. :wallbang:

    I'm located in Az.
    Any help is greatly appreciated.
  • 09-27-2007, 09:44 AM
    seniorjudge
    Re: 543 Score Due to Late Mtg
    I think this generally takes from a year to seven years.

    But stand by for other opinions.
  • 09-27-2007, 11:56 AM
    Betty3
    Re: Low Credit Score Due To Late Mortgage Payments
    I agree - at least one year of no late payments or other financial "problems."
  • 09-27-2007, 07:01 PM
    Sniper1
    Re: Low Credit Score Due To Late Mortgage Payments
    Would it be a good idea to sell now, or stay for a while?
    Which would be better for my credit score?

    Thanks for the response.
  • 09-30-2007, 02:39 PM
    mcraig79xy
    Re: Low Credit Score Due To Late Mortgage Payments
    Paying down your debts (30% of your FICO) is about as important as on-time payments (35% of your FICO). By the time you pay down your credit cards enough time will have gone by that you will probably have the 620 score which is generally the cut-off for decent credit. Below 620 is considered sub-prime, and I'm sure you've heard about the subprime mortgage crisis so you'll now have an even harder time with a score under 620.
  • 09-30-2007, 03:14 PM
    moburkes
    Re: Low Credit Score Due To Late Mortgage Payments
    You'll have a hard time with credit under 700. In any case, the best thing would be for you to rent some place inexpensive, so that you can get caught up on your bills, and, maybe put money in the bank. Going forward, it will be difficult to get a new mortgage without excellent credit and a down payment.
  • 10-16-2007, 10:35 AM
    Zipper775
    Re: Low Credit Score Due To Late Mortgage Payments
    I concur with Moburkes. Having spoken to a mortgage banker myself about the subprime mortgage crisis, I was informed that any score below 670 (new cutoff) any mortgage would be extremely difficult to obtain. Rent, save, and get your spending under control should be the goal for now. Good luck!
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