Will Missing Mortgage Payments Impact My FICO Score? Yes – and Here’s How
If you're like most homeowners, you probably believe that one missed mortgage payment won't have a noticeable impact on your FICO score. People get behind now and then, and besides, you've been faithfully making payments on time for years. How bad could it be? In truth, even one missed mortgage payment could seriously damage your FICO score. Lenders can report missed monthly payments whenever they choose - they don't need to wait until a certain date to do it. That means even if your mortgage payment is a few days late, your lender may report it as unpaid. So what exactly happens to a FICO score when you miss a mortgage…