Rebuilding Your Credit

[rckstrscott]

And in this market, they will repull at the end, you can bank on that.

When is your closing date?

-scott

[SarahElisabeth]

Wow, thank you for that information! I will seriously sleep better

[SarahElisabeth]

Not until the end of February... the house has a tenant that needs to leave before we close, and she has a lease.

[rckstrscott]

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SarahElisabeth wrote:

Not until the end of February... the house has a tenant that needs to leave before we close, and she has a lease.

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Then you have plenty of time to get this handled, even if it reports..

I wouldn't worry too much at this point, it will either report or not. And there isn't anything you can proactively do to make sure it doesn't report. You will just have to handle it if it does.

But you won't lose your earnest money, and worst case scenerio is you are back on track for FHA in August of next year... but I don't think it will come down to that.. don't worry about it until it reports, if it reports at all

-scott

[SarahElisabeth]

Is there any point that I can be reasonably sure that they won't report the late, if they have been reporting each month and it hasn't come up?

[SarahElisabeth]

Thank you! I'm such a worrier!

[SarahElisabeth]

Hmm...from what I'm reading, if you get denied for the loan after the mortgage contingency deadline, you lose your deposit, even if you previously had a mortgage commitment. Is this not true?

[rckstrscott]

I just went through the process in may. if you don't back out of the deal, you don't lose your earnest money.

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SarahElisabeth wrote:

Hmm...from what I'm reading, if you get denied for the loan after the mortgage contingency deadline, you lose your deposit, even if you previously had a mortgage commitment. Is this not true?

[Rlandon87]

Are you subscribed to credit karma? Or any other credit monitoring website?

CK is free and you can update it everyday to watch and see if the late gets posted. If it does get to work on GW the lender and explain your situation.

It's truly impossible to say if/when it will be reported. I can say it is unlikely they would not report at all for the month. They WILL report - you just have to hope that based on your apparent good payment history, system update timing, and procedures for the lender that they will over look the late and report as paid as agrees- which is a possibility, it has happened for me that a 41 day late wasn't reported when I called and asked for a supervisor. I made the late payment and current In one lump sum and explained that I was having debit card issues with the cars used to make payments normally on the account. The supervisor said she knows things happen and because of my 18 month good payment history with no late she didn't feel as I was being negligent so she waved the late as a "system update error" and showed it paid on time as agrees

Anyways sorry for long post. Good luck with whatever happens.

[SarahElisabeth]

Well crap. Just signed up on credit karma and it does show the late payment... Why wouldn't it show up when my lender pulled it? What can I do now? Send a goodwill letter to the bank? It's a local credit union, how successful is that usually? Also, are the scores on credit karma reasonably accurate?