Credit Score after 90 day late.....

[loser104]

I haven't paid my mortgage in over 3 months now. Trying for a short sale, then DIL, then foreclosure in that order. Might be filing BK when I can get my 6-month income average down a bit, but that will take me till the end of summer, as my severance pay is just now running out.

In the meantime, I am planning on moving into an apartment when the time comes, but I'm getting worried that I may not have good enough credit when the time comes. Some apartments have said that as long as a BK is discharged, I will be fine. Well, that is a problem, timing-wise. So, I'm thinking about filing out an application NOW, and it will be good for the next 6 months. My credit score was about 780-ish, but now with a 90 day late, and 60 day late on my 2nd mortgage, how much of a ding do you think my score has taken?

[Flamingo]

As soon as you are 30 days late with any payment, your score drops considerably. Now that you are 90 days late on your mortgage and 60 days late on your second mortgage, expect a really big drop. There is no way out of that...

[flyinbroke]

The higher the score, the harder you fall. As Flamingo said, you took a major hit with a 30 day late...but if you dropped 100 points the next late may not be as severe. Also not sure if mortgages hit harder than unsecureds.

You have one thing going for you...apartments are at an all time high vacancy rate. I do know they check past housing situations, having been a renter my whole life. The thing that may hurt is that you were late on house payments and not just credit cards. They are worried about whether you will pay your rent.

[loser104]

Ok, just put in my apartment application, will find out tomorrow if I am approved. I will ask them what my credit score was.

[catleg]

Everybody who's renting has a bad credit score! Think about it.

[flyinbroke]

Most apartments are facing the dilemma of high vacancy rates thanks to tax breaks for those who could qualify for a mortgage. They will look to see if your housing bills are paid on time more than anything else, I suspect. And that could be one of the things that hurts you.

However, vacancy rates could rule the day. Mileage may vary.

[loser104]

All good points, hopefully those late payments don't sink me, guess we'll see.

Should be finding out today if I qualify. I have never sweated out an apartment application in my entire life-always had great credit. Welcome to my new life! I'm sure I will get used to having poor credit for a little while.