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Hello -
My wife and I are preparing to apply for a sizable jumbo mortgage. My credit scores are currently in the 820's. My wife's are around 750, and I know the bank will likely look at the lowest-middle score (right?). It appears that the only thing hurting my wife's score are two 30-day late payments, one in January 2013 and one in January 2014. These were for a Costco AMEX that auto-renewed after we thought it had been cancelled and we couldn't get to connect to our online account (it is now closed) . I have a SPG AMEX that I have used almost monthly since 2007 on which my wife is an Authorized User and we have never had a late payment on it. My wife also formerly had a business AMEX with no late payments (her company since changed to Chase so she no longer has it).
My question is what does everyone think the chances are that we can get the late payments GW'd? I believe strongly that without them, my wife's scores would be over 800 as well and we would be in line for the very best mortgage products out there.
Thanks!
@Anonymous wrote:Hello -
My wife and I are preparing to apply for a sizable jumbo mortgage. My credit scores are currently in the 820's. My wife's are around 750, and I know the bank will likely look at the lowest-middle score (right?). It appears that the only thing hurting my wife's score are two 30-day late payments, one in January 2013 and one in January 2014. These were for a Costco AMEX that auto-renewed after we thought it had been cancelled and we couldn't get to connect to our online account (it is now closed) . I have a SPG AMEX that I have used almost monthly since 2007 on which my wife is an Authorized User and we have never had a late payment on it. My wife also formerly had a business AMEX with no late payments (her company since changed to Chase so she no longer has it).
My question is what does everyone think the chances are that we can get the late payments GW'd? I believe strongly that without them, my wife's scores would be over 800 as well and we would be in line for the very best mortgage products out there.
Thanks!
I think there is a chance and its a resonable request for them to consider.
Whether your wifes scores are 750 or over 800, you will still get the best rate.
If it has been over a year, those 30 day lates no longer have an effect on her score. I had 30 day lates from 2010 and 2013 as well. I have sent in multiple GW and was only contacted twice from their executive office to be told they will not remove them. But when the 30 day late dropped from 2010, my score didnt change at all.