Credit score ratings - better to be late on credit cards or mortgage?
Answers:
Always pay your mortgage on time. That is priority.
Call your credit card companies and explain the situation. They may allow you to waive a payment.
Check with both and ask how long the grace period is. Also, if you'll be late inform them. This may keep them from putting negative info on your credit.
Not even a close call:
Pay the mortgage first, then installment loans, then revolving debt.
A thirty day late on a mortgage payment is worse, if anything pay your credit cards a little late, but remember, a late payment has to be 30 days late to be reported as late on your credit report. This may give you some working room.
If you can refinance your mortgage, then include your credit cards in with your mortgage loan. This may help take off some of the burden. Good Luck
credit card, house way more important
Hello,
Sorry to hear of your financial distress.
Always pay your martgage first car payment second.
I would suggest writing a good will letter to CC companies. It has worked for my clients in the past and explain you anly be paying 20.00 a month for the next xxx months and then you hope to pay extra after that.
Good Luck
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