If you’re buying a home for sale in Aspen, you know that your credit score is the biggest factor lenders consider when they’re deciding whether you qualify for a mortgage loan.
And your past payment history is a big part of that.
How Your Past Payment History Affects Your Ability to Get a Loan
Your payment history makes up 35 percent of your credit score, so if you have late payments or missed payments, your score will go down. In most cases, creditors don’t report payments as late until they’re 30 (or more) days past due – but some do report as early as a day past the due date.
Even one missed payment can have a negative impact on your credit score.
If you have multiple late payments, they’ll get reported multiple times – and another thing to know is that payments that are more than 60 days late drag your score down even further.
For the most part, late payments stay on your credit history for 7 years.
Are You Buying a Home in Aspen or the Surrounding Communities?
We’d love to help you find your dream home here. Call us at 970-429-8275 or contact us online to let us know what you’re looking for so we can start searching right away.
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