Friday, December 16, 2011
Late Loan Payment?
I took out a secured installment loan from my credit union for an auto I purchased about a year ago. It was a two year loan and i had been making payments of about $135 every month, before the grace period had expired. One month, I was so busy with school that I completely forgot, and missed a payment by 2 days. I got a letter from the credit union stating such, and that it was at their discretion to report the matter to credit bureaus. I ended up just paying off the entire loan about a year early a few months after that. Other than this incident, I have perfect credit, and about 3 credit cards. I am 22. Just how damaging is this to my credit? Will I have difficulty taking out a home loan because of this?
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