Usually there is a pretty wide grace period on those mortgage payments, so if it went to the credit reporting agency you might have been paying at the end of the grace period instead of on the due date. For things like mortgages, financials are very careful in putting a hit on a credit score, and only do when there is a good reason such as a payment made after the grace period.

I'm a bit confused when you say your credit card was taken off you. Universal defaults may cause your rate to increase, but other than that I don't understand why you would have a card taken away.

As a business owner, it is your responsibility to have a handle on your finances, but because you've only recently sorted things out, it would seem like it wasn't just the banks fault.

You are moving in the right direction though, you have your finances in order now, the next step is to look at how you can save more money to make up for that late payment. My blog has some tips on creating a cheap and easy budget here: * Easy, Cheap, and Quick Basic Budget*by*Financing Your Family

You can also ask questions, we can help you on these forums as well.

Infoman;

I think we are getting only part of the story here. Missing or late on one or even two mortgage payments is not going to send an all out alert to all of your creditors.

Missing work a day or two (or even more) because of a family illness will definitely impact your business, especially if the business is only you. If that was the case, you must have realized what would happen if you were gone for an extended period of time. If these are the facts, and you have proof of the events and what you are now doing to get back on tract, your bank relations manager is the best friend you could have right now. They have the power to work with you, or keep you from working with other banks as they all share information like credit bureaus do.

You asked if the CC company could close your account; yes, they can do whatever they want. If they see a situation where they may be at risk, they can raise rates, reduce credit limits, or shut it down completely.

You said you are at risk of losing your home and your business. Both take time and the banks would far rather find a solution to the problem than own either your cleaning business or another foreclosed home. Do you have equity in either one? Do you have unused equipment you could sell? Could you sell your home and come away with some equity, rent for a while and get back on your feet?

You didn't mention what your sudden expenses were or what losses you had away from work, so we are just guessing at a lot of things. The best thing you can do right now is go talk with those who hold your future.

I was thinking the same thing. I am surprised though that the credit card would just close the account instead of just giving you a higher interest rate. Also as for the mortgage I am not sure why you say you are going to lose the house. Even if you paid it after the grace period I don't see them taking the house that quickly unless you are way far behind.

Would you say that there will be no problem in closing an account!

Eh, what's the rest of the story. Mortgage companies have normally taken up to 8-12 months to even foreclose completely. Yikes you tellin me theres a chupacambra in the mortgage biz?