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CappyJack

Long long do late credit card payments hurt credit.

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So my wife stopped paying a credit card for 3-4 months for some reason, and it looks like my credit is probably ruined. The card was a business card which had never reported to my credit before, but apparently Chase does report business cards when they are seriously delinquent. I have a couple questions, and I was wondering if anyone more familiar with this kind of thing knows the answer.

1. Chase reported one "30 day late" from 3 or 4 months ago. Does this mean that they're reporting is simply delayed and next month they'll report "60 days late" and the next month they'll report "90 days late"? Or is it possible (especially if I pay it off now) that they won't report anything else from this account?

2. How long does something like this prevent you from getting a mortgage? A year? Obviously it will damage your credit scores and get you lower rates for a long time, but I'm curious how long it will actually prevent you from getting a loan altogether.

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How would a card in the name of your wife's business report to your credit?

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To directly answer the question, we were told by our lender, USDA, that one year of clean credit was required. 12 months. If that is the only ding on your credit, maybe they will do sooner.

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Check out this thread: https://creditboards.com/forums/index.php?showtopic=497484

 

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To directly answer the question, we were told by our lender, USDA, that one year of clean credit was required. 12 months. If that is the only ding on your credit, maybe they will do sooner.

 

Many require 24 months.

Edited by mendelssohn

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