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Announcement:
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Credit Score Tip |
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| The negative factors that bring your score down remain on your credit report for seven years and can adversely affect your FICO score. |
But lenders typically look back only in the past two years when they make credit decisions. One 30-day late payment on a credit card and installment loans shouldn't make a difference. However, a mortgage payment late can have a large impact on your credit score.
Lenders look for patterns of late payments, long history of credit, collections, judgements, and monthly payment amounts to determine credit approvals.
Income, job history, and down payment/equity are also needed befor approving a loan. |
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