Question by Mark: refinancing mortgage and i accidentally forgot to pay my home equity line of credit bill this past month. how?
will this affect me?the bill was due last week and i just sent it in via online billpay and it is scheduled to credit my heloc tomorrow. they already did a credit check on me and locked in a rate. i have excellent credit with a credit score of 794. will this affect me in any way? i am planning on calling the mortgage company that issued my heloc and explaining that i always pay on time and this way an accident and ask them not to charge me a late fee for this one time. should i still be in good shape?
Best answer:
Answer by SmartA$$
Chances are very high that your HELOC has a grace period, so your late payment isn’t even a late payment, it just wasn’t as early as the rest of your payments.
If there is no grace period, then it will go on your credit as a late payment, it doesn’t matter why it was late, and explaining yourself to a teller at the bank won’t do any good, but here are 2 pieces of good news.
1. It usually takes weeks or months for things to show up on your credit report. So if you are already in the final stages of refinancing, your new loan will be finalized long before this shows on your credit report.
2. One late payment doesn’t really hurt you much. It will hurt a bit, but not much.
Remember, its very likely your HELOC has a grace period so this will never show up as a late payment. Call the bank that holds the HELOC to find out if this is the case.
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