i was late in may 2009 on a mortgage payment. on may 1st 2010 will it be considered still within the 12 month period or will i be considered not late for 12 consecutive months?
As far as I understand from your query, you were late only once. If it is so, then this won't have much of a bad effect on your credit. It would have negatively affected your score only when you were late on your payment in May, 2009. If you weren't consistently late on your payments, then the late payment of May, 2009 won't have much of a bad effect on your score now.
late payment cycle
Hi Jim,
As far as I understand from your query, you were late only once. If it is so, then this won't have much of a bad effect on your credit. It would have negatively affected your score only when you were late on your payment in May, 2009. If you weren't consistently late on your payments, then the late payment of May, 2009 won't have much of a bad effect on your score now.
Thanks,
Aaron