Originally Posted by
sdsearch
Not to mentioning risking a hit on your credit score if you don't fix it soon enough and it beomces a "30 days over" red mark!
(If a "30 days over" appears on your credit report, that's much worse, and longer lasting, a hit on a credit score than just regular churning, right?)
Yes. Because it becomes a "delinquency" which definitely have a much greater impact on the score and the mark lasts a long time.
Being a member on a Condo board which reviews every buyer / renter's application on buying / renting a unit, I have seen plenty of credit reports. I can assure you a past due account remark stays with you for a very long time. It is one of the red flags we catch because this would mean the applicant could be sloppy in making timely payment - that would mean s/he may not pay his Quarterly Maintenance on time... or not paying it at all. We dont want such person to move in that is for sure!
Just last Thursday I saw a credit report from a lady who has a decent salary and tries to buy a unit in cash. However her score is 665 and the remarks are Serious Delinquency, Late Payments past due 30 days, and other things. Needless to say, it is a straight rejection. I assume this lady would not be able to get a mortgage until her credit report is cleaned up.