Drop in scores from 820 to 620 with late payments and one collections

[Anonymous]

The late payments were due to autopay not kicking in (or so I thought) and I paid as soon as I received an alert from my credit monitoring.

The collection: is for around 300 dollars due to some traffic ticket which I am thinking I paid. But dont know have to wait till monday. Wh at do I do ? do I pay it off ? Its transworld systems 

If we assume that is my pathetic ass's fault, what options do I have to get a mortgage. I had qualified for a really good deal in Jun, but due to health concerns (part of which is the cause of my falling out of step with monitoring my finances ) I put it on hold. I am now ready (maybe in a month or so) to buy a home. 

Will the bank be able to look past my recent failures -late payment and still consider giving me a loan ? Is there any kind of entity that will look beyond the numbers into specifics ? 

Nothing about my financial situation has changed. I have a good income, not much in savings but a 401k i can borrow for downpayment.

[Anonymous]

I think most underwriters are going to want to see sine distance between your recent lates & handing you hundreds of thousands of dollars for a mortgage.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

The late payments were due to autopay not kicking in (or so I thought) and I paid as soon as I received an alert from my credit monitoring.

The collection: is for around 300 dollars due to some traffic ticket which I am thinking I paid. But dont know have to wait till monday. Wh at do I do ? do I pay it off ? Its transworld systems 

If we assume that is my pathetic ass's fault, what options do I have to get a mortgage. I had qualified for a really good deal in Jun, but due to health concerns (part of which is the cause of my falling out of step with monitoring my finances ) I put it on hold. I am now ready (maybe in a month or so) to buy a home. 

Will the bank be able to look past my recent failures -late payment and still consider giving me a loan ? Is there any kind of entity that will look beyond the numbers into specifics ? 

Nothing about my financial situation has changed. I have a good income, not much in savings but a 401k i can borrow for downpayment.

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I just paid off a traffic collection ticket for my SO that was with Transworld.  I asked if they would delete when paid and they said yes.  This is true with most collections for parking and/or traffic tickets, at least the ones I have enountered.  That would likely give you back 100 of those points.

[CH-7-Mission-Accomplished]

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@CH-7-Mission-Accomplished wrote:

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@Anonymous wrote:

The late payments were due to autopay not kicking in (or so I thought) and I paid as soon as I received an alert from my credit monitoring.

The collection: is for around 300 dollars due to some traffic ticket which I am thinking I paid. But dont know have to wait till monday. Wh at do I do ? do I pay it off ? Its transworld systems 

If we assume that is my pathetic ass's fault, what options do I have to get a mortgage. I had qualified for a really good deal in Jun, but due to health concerns (part of which is the cause of my falling out of step with monitoring my finances ) I put it on hold. I am now ready (maybe in a month or so) to buy a home. 

Will the bank be able to look past my recent failures -late payment and still consider giving me a loan ? Is there any kind of entity that will look beyond the numbers into specifics ? 

Nothing about my financial situation has changed. I have a good income, not much in savings but a 401k i can borrow for downpayment.

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I just paid off a traffic collection ticket for my SO that was with Transworld.  I asked if they would delete when paid and they said yes.  This is true with most collections for parking and/or traffic tickets, at least the ones I have enountered.  That would likely give you back 100 of those points.

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And they did delete the collection.

[Anonymous]

Update us once this clears up. Hope you get this and your health straightened out. That's a painful fall. 

[cartwrna]

Most underwriters will want to see a year or so of no late payments, collections etc I believe.

[Anonymous]

Try contacting the companies that have the lates - and tell them the story - that you thought auto-pay was arranged, you were having health issues, and as soon as you realized the payments were not coming out of your account you paid in full, and that you request a good will deletion of of the late payments.    It might work

Also - try a pay for delete on the collection.   You may get those points back......good luck

[Anonymous]

Ouch! When it rains it pours!   Do everything you can to get the late payment removed.  I remember a long time ago when I was working in media, i told a collection agency if they don't delete a negative tradeline all together, I'll have them in the news.    They deleted the tradeline, too!    Good luck!   

[Anonymous]

Many lenders will be able to get you an FHA loan with a non-mortgage late or two in the previous 12 months as long as your score is where it needs to be.