Huge score drop one week to closing!!! Help!!

[almsotthere]

 Please help!!  Any advice greatly appreciated. Our loan is still in underwriting, we have been assured we meet all criteria they are just double checking our rental history.   It's a cross country move that has been stressful to say the least with my wife working in California while I finish up everything in Chicago.  

Both of us have scores at 760 and its a jumbo mortgage. 20% down. never had a late payment in our lives; both work hard and income in solid. Today I find out that I messed up and didn't pay our Macy's account last month for $25 for lunch when I took our kids out. It must have slipped through the cracks with the kids and school and no wife around. God bless her. I'm mortified. This has never happened and now it's happening a few days before we buy our dream house.

Anyway, it went to 30 day late this past Monday and my score plummeted to 708.   I called Macy's and being a Sat. they said to call back on Monday and I could request a good will removal from my credit report considering I've been a customer for a decade with no late payments.  The guy seemed to think it was a good chance they'd take it off...I paid it off already.

IF I can get Macy's to delete it Monday morning, how fast will my credit score bounce back?  IF Macy's refuses, what are my options?  I can't believe I could have jeapordized our whole move and the home for our kids over this.  Please help. Any advice greatly appreciated.

[foxerar]

to my knowledge, I don't think it really matters now, if they do pull your report its going to be a soft pull with no scores just history.

and if they do see the 30day late payment, all you have to show a proof of current statement.

once again i am not sure

Good Luck

[almsotthere]

Thank you! I'm so hoping this isn't an issue. I have searched this board and apparently there is a "rapid rescore" that could rerun my credit IF macy's is kind enough to remove this 30 day late...  

first time homebuyer here too,  this is so darn stressful!

[dreamer2014]

Someone with a whole lot more knowledge will chime in, I am sure but I don't think you have jeopardized anything. Breathe, have faith and it will all work out. Macy's should be able to take it off for being a loyal customers.  It's been ages since I had their card but I do remember that are good to their customers.  

[dreamer2014]

Actually,  I did think rapid rescore but wasn't sure. I would call Macy's Monday have them correct then if need be your LO can submit for rescore. You will be fine. 

[almsotthere]

Thanks dreamer2014! it helps to hear that.   the more I read on-line about a last minute score drop the scarier it is, so I'm really trying to just focus on getting it removed and then hopefully the rest will fall into place.   we've been renting our whole lives so finally owning getting our own house is a dream and I don't want to let my family down.

[ChicAndFabulous]

I am also in underwriting and started panicking about my score dropping and a dispute that somehow reappeared on a closed old credit card account. I told my LO about my worries and he said they only do a soft pull before closing and it's just to make sure you don't have any new crazy debt, new accounts, etc. Not sure if this varies from lender to lender but thought I would chime in because I know the exact anxiety you're going through!! I'm sure you'll be fine!! Congrats

[ShanetheMortgageMan]

Even with the 708 score, you still may qualify, but just for a little higher interest rate.  Is the loan amount over $625,500?  If so, then it's a non-conforming jumbo loan program and if they will re-check your credit just prior to closing is completely up to them - as it's not a GSE backed loan (which does require re-checking credit to make sure no new debt has been taken out or payments have increased).  Like others have said, a rapid rescore is possible and it's also possible that if they re-check credit it won't be for a new credit score.