Hello! I am currently in the middle of obtaining financing on a house I am building and have recently hit a snag. Since being preapproved for the mortgage, there have been two 30 day lates reported to my credit. One from Capital One for a January payment, which they reported 30 days late in February 2015 on my report. Another for Family Savings Credit Union for a personal loan I have that was due in October and not paid until December 1st, 2014.
I received a call about the Capital One 30-day late removal from the Executive Resolution Team yesterday, and as of today, received good news that they were going to request that the 30-day late be removed from my report since I have been a long time customer with them. It was pulling teeth to get to this point. Calling the customer service number, speaking with numerous supervisors, and I kept getting the answer "no" and "we don't have a policy in place where we can go in and just remove it from the report unless it was an error on our part." Thankfully, I found this site and got the email for the CEO of Capital One. Sent an email to him last week, received the call yesterday, and again today confirming it was being taken care of. She said she would have a letter to me no later than Monday AM for my mortgage broker showing they have reached out to the credit bureaus to have this removed. So I think we are squared away there, I'll just have to wait and see.
I contacted Family Savings thinking it should be no problem to get it removed because it shows 30 days late for December and I was not 30 days late on that payment. The first rep agreed with me and stated I was not 30 days late and was not sure why it would have been reported that way. She told me she would have a "Member Services" person call me back. They did. They told me that I was 30 days late on the October payment. I asked if it could be changed to show that way on my report instead of showing 30 days late in December because my mortgage loan officer told me that might help. They refused. I was informed that they report to the credit bureaus on the 1st of every month, so when they reported on December 1st and I was 30 days past due at that point for the October payment, they show me 30 days late for the month of December. The best they could offer was a letter for my lender explaining that I was not late on my payment for December so that way it would not appear like I was making payments late after I had applied for a mortgage, which is what my lender was concerned about. That and the fact it dropped my middle score to a 606 instead of the 650 that it was.
My question really is--is Family Savings right in their reporting? Even though the payment was for October, are they accurate in reporting 30 days late for December on my report? Also, my lender is telling me that I need to acquire a secured credit card with a limit of $300 and spend $10 only. Any idea why this might also help bring my credit up? Wouldn't that add an inquiry and show more debt? I know it's a small amount of debt, but I guess I'm not understanding how this would HELP me rather than hurt me in obtaining a mortgage.
