Applying Mortgage and GW

[Anonymous]

Hi,

I plan to apply for a second mortgage for investment property in the next few weeks. I have one baddie with WellsFargo ("not more than 2 late payments"). If I send a GW requesting to remove the baddie, will that impact my score and my application? Comments and suggestions please? Thank's a lot.

[sphinx313]

In my experience, removing lates will certainly show some boost on your credit score. How much boost is probably based on how old the lates are..since the further back they go the less dramatic effect they have on your scoring. The thing you're looking for is removing those regardless of the score increase because it will help in your sit down at the bank when they pull your CR's. Getting them removed is certainly a different topic, but if they are "recent" lates and you get them removed, the answer is that they will certainly have an effect on your score/application. Showing no lates alone will at least help your negotiations.