Credit Score in Austin>Question Details

Carl Webb, Renter in Austin, TX

Which scenario will decrease your credit score the most? A 30-day late on a mortgage o a 30-day late on a credit card?

Asked by Carl Webb, Austin, TX Wed Jun 6, 2012

Marcela Alfonsin, an agent in Austin, TX, asked this question.

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Christina Hayes’ answer
Actually the credit card payment will hurt your score more as credit cards aka revolving credit make up 30% of your credit score and installment loans such as a mortgage make up 5% of your credit score. Though being late on neither is a good idea. If you are planning to become late on either of these, you may want to call the credit card company and ask for an extension in which a late will not be reported. Be sure when you ask for the extension that the late is not reported. A mortgage lender can do the same but you will have to talk to a manager in the payment department. As long as you are communicating with both of these companies you can avoid late payments being reported to your credit reports.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Banker of more than 10 years.

PS I have a picture on my profile (I believe) if not it is on out site that breaks down a credit score in lamens terms.
0 votes Thank Flag Link Sat Apr 27, 2013
Since you ask this in a Real Estate section.... I would say Mortgage Late. Quite a bit more pain with that.

Let me explain.

We use the FICO scoring model by the Fair Isaac Co.
Our FICO is a 'Mortgage Enhanced' FICO
If you went to buy a car... you would get an 'Auto Enhanced' FICO

Given that you are likely asking about a Mortgage Score.... The mortgage late would be huge.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
0 votes Thank Flag Link Wed Jun 6, 2012
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