Questions About Lates

[Anonymous]

So here is some questions that I could really use some help with, I will break them down.

1. We were on a repayment plan with our mortgage (Saxon) company to bring our mortgage current.  I spoke with the mortgage company tonight since there are no reports from them since January and that was a 120.  The mortgage rep stated that it should have only been a 60 at that point and that is what is being reported on Saxon's part.  So would this be a error on the ca's part?  Also, once the on time mortgage payments start reporting will that up our score?  Any idea how much?

2. A Macy's account is showing only (2) 30 days in 2002 and yet it is stating that there was a 120 late and I do not believe that this information is correct.  I do not have the statements from this account, how would I go about to get this corrected?

3. We do not have any open account besides student loans and our mortgage.  I did have an open Lane Bryant account I discovered so I called to have them send me another card to try and build some positive credit and did not think first.  They did a hard pull which dropped my FICO from a 495 to a 476.  How are we going to fix our credit without much to work with?

Thank you all for your posts I am learning almost enough to become dangerous!

Tiffany 

[Anonymous]

BUMP

[fused]

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Tiffany1971 wrote:

So here is some questions that I could really use some help with, I will break them down.

1. We were on a repayment plan with our mortgage (Saxon) company to bring our mortgage current.  I spoke with the mortgage company tonight since there are no reports from them since January and that was a 120.  The mortgage rep stated that it should have only been a 60 at that point and that is what is being reported on Saxon's part.  So would this be a error on the ca's part?  Also, once the on time mortgage payments start reporting will that up our score?  Any idea how much?

2. A Macy's account is showing only (2) 30 days in 2002 and yet it is stating that there was a 120 late and I do not believe that this information is correct.  I do not have the statements from this account, how would I go about to get this corrected?

3. We do not have any open account besides student loans and our mortgage.  I did have an open Lane Bryant account I discovered so I called to have them send me another card to try and build some positive credit and did not think first.  They did a hard pull which dropped my FICO from a 495 to a 476.  How are we going to fix our credit without much to work with?

Thank you all for your posts I am learning almost enough to become dangerous!

Tiffany 

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1.) A 60 day-late is not as damaging as a 120 day-late. A 120 day-late is a serious derog and can be just as damaging to FICO scores as a collection, charge-off or a public record. Are you saying you have a 120 day or 60 day late on your reports. Who is reporting this, a CA or the mortgage Co.?

2.) Any lates from 6 years ago should have a minimal affect on your scores. In fact, lates more than 2 years old usually don't have much negative affect to scores either. If you want you can dispute this 120 day-late with CRAs as never paid 120 days late.

3.) Not having a few open CC accounts in good standing is also hurting your scores. My question is this, what are the other baddies on your reports? Your scores suggest a lot more is going on, a lot of recent bad stuff. Do you have any collections, COs, public records. I really think you need to attack the items which are causing the most damage first, then we can look to getting some new CCs for you.

Message Edited by fused on 05-20-2008 09:45 PM

[Anonymous]

I have 2 Home Eq. mortgage loans of course with different dates.  The first one was in 2002 I believe and on my credit report it says that I was 30 days late in May of 2004.  The problem with this is that my second Home Eq. mortgage loan started in May of 2004 so how could I be late with the first one on May of 2004 when I paid the 2nd one on time in May of 2004.  I am trying to get this corrected through Home Eq as I understand that iit was 4 years ago but it still shows a red flag on my fico credit report which indicates that it is affecting my credit score I believe.  I also have an old mortgage account with Norwest that shows I was 30 days late in October 2003 which I don't really no if it is correct or not.  Tha account was taken out in 1991 and closed in 2002 but that also shows a red flag on my equifax credit report so I am assuming that is also affecting my credit report.  I have sent a GW letter to Norwest and hoping that maybe they will remove this 30 day late as I had the account for 12 years and as far as I know I was never late except for this 30 days that they are talking about.  Is there anything else I should be doing?  Any help is appreciated.  thanks

[llecs]

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LYNNY47 wrote:

I have 2 Home Eq. mortgage loans of course with different dates.  The first one was in 2002 I believe and on my credit report it says that I was 30 days late in May of 2004.  The problem with this is that my second Home Eq. mortgage loan started in May of 2004 so how could I be late with the first one on May of 2004 when I paid the 2nd one on time in May of 2004.  I am trying to get this corrected through Home Eq as I understand that iit was 4 years ago but it still shows a red flag on my fico credit report which indicates that it is affecting my credit score I believe.  I also have an old mortgage account with Norwest that shows I was 30 days late in October 2003 which I don't really no if it is correct or not.  Tha account was taken out in 1991 and closed in 2002 but that also shows a red flag on my equifax credit report so I am assuming that is also affecting my credit report.  I have sent a GW letter to Norwest and hoping that maybe they will remove this 30 day late as I had the account for 12 years and as far as I know I was never late except for this 30 days that they are talking about.  Is there anything else I should be doing?  Any help is appreciated.  thanks

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All you can do is send GWs. Doing anything else, including disputing, can cause unintended consequences.

Any lates prior to June 2001 are not affecting you at all. If any lates are close to that 7 yr CRTP, then I'd probably leave it alone.

[Anonymous]

I have written GW letters but Home Eq went and changed my DOLA from April 2004 to april 2008 decreasing my fico score by 50 pts.  They also changed it from paid as agreed to 30-61 days late.  IAccording to there records I was 30 days late as when I remortgaged they were supposed to pay this and they did by the end of the month but Home Eq. put it as the date they received it which was May 6th so I realize I can't do anything about this.  Every time I try my credit score goes down between 37 - 52 points.  I would say it is not worth it.  My question is if you have a 30 day late for one thing in 2004 and a 30 day late and a 60 day late in 2006 doesn't this affect your score.  The 3 things I have on my credit report all have red flags on them.  Do the flags ever go away or do you have to wait until it is 7 years old.  Every other bill I have is always paid on time and always pay over what is due and I would think this would help me.  Any infor. you can give me will be appreciated.