12-06-2012 08:45 AM
I have some 120 day lates on my sallie mae student loans. I am now enrolled in autopay and have been in good standing since August, but it has been reported as ND since may. If I continue to make on time payments for a year or so will a lender look past the 120 day lates?
12-06-2012 11:52 AM
Depends on how many you have.
I had an isolated incident, thought my account was in forbearance, but wasn't. Wham, a 90 day late shows up. It was an isolated incident, and my LO said it was not a deal killer and just asked for a LOE and that was it.
12-06-2012 11:53 AM
Different lenders and loan programs have different requirements. My lender didn't allow any lates within the past 12 months.
12-06-2012 12:18 PM
It really does depend on the lender. My wife had 8 - 120 day lates with Sallie Mae from Feb 2011. She thought that her student loans were in deferment but they were not. However, we apped for our house at the end of October of this year and just closed on 11/30! The lender didn't even ask for a LOE for any of them!!!!!
12-06-2012 12:28 PM
Wow! thank you. I guess I will just wait and see. I'm going to keep a good clean credit profile for a year before I even apply, so hopefully by then I will be fogiven for my mistakes.
12-06-2012 12:36 PM
I had some 120 day lates on mine and they never even asked about them. They were about 18 months prior to closing.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.