@Tarkovsky wrote:I have a couple late student loan payments from 2008 that show up on my credit report from all three agencies. These were two separate loan accounts that show late payments in the same months. While I don't dispute that there were late payments at that time, the odd thing is the way they are reporting. Specifically, both accounts report this way:
January: OkayFebruary: Okay
March: Okay
April: Okay
May: 60 days late
June: Okay
July: 60 days late
August: 90 days late
September: Okay
October: Okay
November: Okay
December: Okay
(Both accounts were paid in full and closed in January 2009 when the loans were consoldiated into a single federal loan.)
What I'm confused about is how it is that there are no 30-day late payments reporting in April or June. Is it possible that the lender simply chose to not report the 30-day lates and only chose to report once the accounts were 60+ days past due? What is currently reported seems, at least on paper, mathematically impossible, so I'm wondering if this would give me leverage for a sucessful dispute, or at the very least, requesting a goodwill deletion from the lender. My other concern is that, according to the "rule" that late payments drop off 7 years after the date of first delinquency, will not having 30-day lates reported for April and June (which would technically be the DOFD for the two lates) delay the drop-off dates by one month? The DoFD is irrelevant to an account that closed in good standing, DoFD only applies to COed accounts. Yes its possible the lender just didnt report the loan late for those months. What will happen is the lates will drop off at the 7 year mark and when there are no more lates on the account it becomes a positive closed account that will remain for up to 10 years from the date it was closed in 2009. You are certainly welcome to request GW from them.
The reason I'm asking is that I'd like to start shopping for a mortgage sooner than later (hope to purchase in May or June of this year). These are the only negative remarks on my credit report and they're dragging my score down (largely, I suspect, due to the 90-day late payments reported for August). My current EQ FICO-04 is 717 (FICO-08 scores range from 717 to 735), and I'm wondering if I'm already in good enough shape for competetive rates (4% or better) on a conventional 30-year loan (12-15% down), or if it's going to be that much more worth it to wait an extra six months (or pursue a dispute) to ditch the negatives all together and up my score. You actually want your score 760+ for the best rates available and I would wait until these marks get taken care of.
If anyone has any experience with a similar situation, I'd appreciate any insight they can offer.
