Hello all. Do you think that having late payments removed from my credit would have a big impact on my mortgage score? I have two 30 days, a 60 day & a 90 day. Another question. What is the biggest thing that they are looking at with mortgage scores? All comments are welcome.
@SOGGIE wrote:My suggestion is to provide more detail about the accounts in order for members to give feedback. Useful information would include the names of creditors, type of accounts, account status (open, closed), dates of delinquency, etc.
Mortgage Scores for Equifax - 593, Transunion - 592, & Experian - 654
Fico 8 Equifax - 634, Transunion - 648, Experian - 666.
Fico 9 Equifax - 714, Transunion - 678, Experian - 667
Average Age of Accounts - Equifax - 7 years 1 months, Transunion - 6 years 11 months, Experian - 4 years 8 months
Credit profile includes -
Navy Federal Credit Card $25,000 - 8% usage 0 late payments
Navy Federal Credit Card $200 - 0% usage 0 late payments
First Progress Credit Card $200 - 0% usage 0 late payments
Self Credit Card $400 - 0% usage 0 late payments
Citibank Credit Card - 0% usage 0 late payments
Navy Federal Secured Loan - $45 remaining 0 late payments
School Loan - $18,000 0 late payments
Fingerhut loan - Paid in Full, Closed. 0 late payments
Baddies -
Crescent Bank Car Loan - $12,000 Paid to date. 4 late payments from 2019
Capital One Credit Card - Charged off. Paid in full.
Chrsyler Capital Auto Loan - Repoed in 2014. Paying off.
@Anonymous wrote:
@Joobie wrote:Hello all. Do you think that having late payments removed from my credit would have a big impact on my mortgage score? I have two 30 days, a 60 day & a 90 day. Another question. What is the biggest thing that they are looking at with mortgage scores? All comments are welcome.
@Joobie by definition, and for every single fico version, not just the Mortgage Scores, the biggest thing they look at is payment history (includes late payments), it's 35% of the score!
So, yes, absolutely, removing them would improve every single fico version they make, probably more so than any other action you could take.
Thanks for this information!!! I'm getting ready to bombard this auto loan company with goodwill emails and letters. I have no choice now.
I wanted to ask, do you know when exactly that Chrysler Capital Auto Loan first went delinquent (i.e. first missed payment where you never caught up and the loan was charged off/car was subsequently repoed)? If it was repoed in 2014, then that date I'm asking about, known as the DOFD (Date of First Delinquency) should also be that same year, or even late 2013. I ask because depending on the DOFD, the account should be coming off your reports this year (7 years from DOFD).
@OmarGB9 wrote:I wanted to ask, do you know when exactly that Chrysler Capital Auto Loan first went delinquent (i.e. first missed payment where you never caught up and the loan was charged off/car was subsequently repoed)? If it was repoed in 2014, then that date I'm asking about, known as the DOFD (Date of First Delinquency) should also be that same year, or even late 2013. I ask because depending on the DOFD, the account should be coming off your reports this year (7 years from DOFD).
This is the one Omar.
@Joobie wrote:
@OmarGB9 wrote:I wanted to ask, do you know when exactly that Chrysler Capital Auto Loan first went delinquent (i.e. first missed payment where you never caught up and the loan was charged off/car was subsequently repoed)? If it was repoed in 2014, then that date I'm asking about, known as the DOFD (Date of First Delinquency) should also be that same year, or even late 2013. I ask because depending on the DOFD, the account should be coming off your reports this year (7 years from DOFD).
This is the one Omar.
The earliest you can request early exclusion for that repo is 9/2022 from EX. If it is on TU and shows "estimated date of removal", you can request early exclusion 6 months prior to that date. Early Exclusion isnt really that great and often a mess with Equifax. Early exclusion removes the enitre derogatory account from your credit reports. Probably too far out if you are apping for a mortgage, though, but depends on what timeframe you are considering. If it is before the end of next year, then EE will not help because it is way too early to request it.
Lastly, if you are looking to get lates removed from this CO, you will get no points from it. CO is the worst status, so erasing the lates will do nothing for your scores. If it is a different, non-CO, account having lates removed, then it will help your scores, like the 4 x lates from 2019 on the Crescent loan, as long as it is not a CO.
@Anonymous wrote:
@Joobie wrote:
@OmarGB9 wrote:I wanted to ask, do you know when exactly that Chrysler Capital Auto Loan first went delinquent (i.e. first missed payment where you never caught up and the loan was charged off/car was subsequently repoed)? If it was repoed in 2014, then that date I'm asking about, known as the DOFD (Date of First Delinquency) should also be that same year, or even late 2013. I ask because depending on the DOFD, the account should be coming off your reports this year (7 years from DOFD).
This is the one Omar.
The earliest you can request early exclusion for that repo is 9/2022 from EX. If it is on TU and shows "estimated date of removal", you can request early exclusion 6 months prior to that date. Early Exclusion isnt really that great and often a mess with Equifax. Early exclusion removes the enitre derogatory account from your credit reports. Probably too far out if you are apping for a mortgage, though, but depends on what timeframe you are considering. If it is before the end of next year, then EE will not help because it is way too early to request it.
Lastly, if you are looking to get lates removed from this CO, you will get no points from it. CO is the worst status, so erasing the lates will do nothing for your scores. If it is a different, non-CO, account having lates removed, then it will help your scores, like the 4 x lates from 2019 on the Crescent loan, as long as it is not a CO.
Thank you for your insight. Would getting the charge off removed completely be ideal? Also, the Goodwill quest I'm about to embark on is for my current auto loan.