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Ok so I had one bad year due to 10k+ in medical bills, I paid them all, during that year (2017) I had a car payment that somehow got 30 days past due for 12 months of 2017, I didn't find out until we pulled a credit report in early 2018 and found 12 30-day late, on there than that everything has been on time. The Bank we had the auto loan with never called, emailed, mailed anything saying we were 30 days date and all the payments were only 34 days past due.
From what they tell me a payment was missed which I find hard to believe because we pay our bill out on the first of every month when I am paid. House, Insurance, and Cars payments are the first to come out of our bank then credit card payments. I had 2 or 3 late 30 day with 3 different CC companies just because we did not have the money that month to pay them due to my medical bills. Well now I have had 2 CC companies cancel my credit cards with them even though I've never missed a payment with them and never had a balance over 75% utilization.
I don't understand why there are doing this, we are trying to buy a new house this year since my new job is 1.5 hours away. Between the Auto loan and now these close accounts It has been dropping my score and it is killing me. 97% of my payments are on time on my credit report and my CC utilization is below 60% and we are paying it down as much as we can now that our money flow is back to normal.With the account closing it has now jumped my utilization up to 78% and dropped my score, im freaking out because I feel like these companies don't value the relationship and my good standing, and also how long is this going to take to repair ridiculous.....
I have never missed a payment with that bank and had the CC since 2012 and it is not a charge off they just closed it. I don't have any charge offs or collections on my credit history.
12ea 30 day lates on a Auto Loan
3 ea late on CC not with this bank
16 Total accounts 12 with perfect payment history
Like I said we had a rough year last year and didn't find out until January of this year, the auto loan was 1 payment past due and took care of it immediatly. I am Furious about this as we have been diligent in setting up automatic payments for everything, and making sure that something like this does not happen in the future. We have also been paying down all our balances since I no longer have the medical bills.
That being said, It seems like these banks don't care about the personal realtionship or payment history you have with them. We are trying to buy a house in the next 30 to 60 days and it seems like this is going to muddy the waters on my credit a lot! It seems like if they close a 2k line of credit it would put a serious mark on my score for some time.
@Anonymous wrote:I have never missed a payment with that bank and had the CC since 2012 and it is not a charge off they just closed it. I don't have any charge offs or collections on my credit history.
12ea 30 day lates on a Auto Loan
3 ea late on CC not with this bank
16 Total accounts 12 with perfect payment history
Like I said we had a rough year last year and didn't find out until January of this year, the auto loan was 1 payment past due and took care of it immediatly. I am Furious about this as we have been diligent in setting up automatic payments for everything, and making sure that something like this does not happen in the future. We have also been paying down all our balances since I no longer have the medical bills.
That being said, It seems like these banks don't care about the personal realtionship or payment history you have with them. We are trying to buy a house in the next 30 to 60 days and it seems like this is going to muddy the waters on my credit a lot! It seems like if they close a 2k line of credit it would put a serious mark on my score for some time.
Banks don't care about "relationships" unless you have a whole lot of money and even in that case they really are not your friend - it's not their job or purpose to be a friend. Small town local banks and credit unions may loosen lending standards based on relationships, but especially when it comes to mortgages, that's federal and state regulated because of the fact that almost all mortgage loans are sold and packaged into bonds. The exception being if a local bank/CU held the mortgage in-house and today that is pretty rare.
Having a card or credit line closed by grantor is no big deal if it's an account in good standing and should not ding your credit scores (other than utility if you carry balances).
15 x 30-day lates will certainly be a roadblock to getting a mortgage, it won't necessarily kill your chances, but you'll need to do a bunch of explaining and you will certainly pay a higher interest rate if those stay on your report. As mentioned, you can try to get all or most removed from your credit report - which I would do well before I submitted an app for a mortgage or car or even a major credit card.
Yes 15 Total 30 Day lates last year (2017), luckily I have a VA morgage so the score is the more important part and I have consulted with my lender, Fico 5,4,2 Need to be above 620 and I am good. My Fico 8 and Vantage 3.0 are not to bad, but the other scores that matter here took a hit because the payment history is weighted more.
It would have only been 3 late payments, we were un aware that a loan payment was missed in december and we have automatic payments with them. Those 12 lates were a big surprise to us (why I signed up for monitoring), and the bank we have the loan through really has been bad, but we went with them for the .9% interest. I would gladly pay 1.9% to have gone with a different bank looking back on it. If we had been notified (call, text, email, letter) we would have figured out how to make it right, but they never did, like I said Morgage and car payments are the first things out of our account the 1st of the month.
I was hoping of getting my utilization back down under 10% to combat this in the next 30 to 60 days nevermind I want my credit back to were it was in 2016 which was in the mid 700s. So we have been on a strick budget and anything extra has going to balances. Just saying it sucks when really most of my accounts still have perfect payment history and those 15 lates only lowered my ontime percentage from 100 to 97%. We also have our banking and saving accounts with this bank, so we will probably move them to a bank that values our business more.
I appreciate the input and hopefully it doesn't change my timeline for buying a new house, this summer, closer to work. God knows were are jumping hurtles just trying to get our current one on the market.
Luckily we have VA morgage from my service so the fico 5,4, and 2 are important. I am working to try to find a way to get the lates removed, with letters, calls, emails, etc.
I disputed them just to give it a go and it actually bit me in the butt. They came back and reported all the lates as still late, somewhat expected that. Then, they reported my balance increased on the auto loan and that I was no more than 2 late payments. Instant plunge on my score and inaccurate.
Ive been current since Jan 18 and my balance is 1100 dollars less than what they reported. the balance they reported was my December balance. So im guessing someone made a big mistake there, I called them and they have a team looking into it and will get back to me in 3 to 7 business days. I really have not been able to catch a break.
@Anonymous wrote:That being said, It seems like these banks don't care about the personal realtionship or payment history you have with them. We are trying to buy a house in the next 30 to 60 days and it seems like this is going to muddy the waters on my credit a lot! It seems like if they close a 2k line of credit it would put a serious mark on my score for some time.
Well no because it's not a personal relationship. It's strictly business/financial. In fact it seems that more and more these adverse decisions are being made by computers and all they see is hard data and they saw some that they didn't like.
It's unfortunate that you fell on hard times and I hope you are doing better. I know how frustrating it can be when it seems to all pile on at once. Your credit will eventually rebound. It make take some time and you may have to re-evaluate some things but your health is more important. Keep your head up, do what you can and let the rest work itself out.
auto pay, auto pay, auto pay.
@Anonymous wrote:auto pay, auto pay, auto pay.
Can't trust auto pay either. That's not the answer.