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New Member
Posts: 11
Registered: ‎11-02-2012
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Will they report?

Hello, I'm new to the forums and have a question. My husband and I are in the process of applying for an FHA home loan. He has had credit issues in the past, but has been working hard at rebuilding his credit over the past year. He had a 30 day late payment on his auto loan in August of this year (he thought he paid it but hadn't), but his credit was pulled today and it's not been reported. How likely is it that they would report the late payment now? Crossing my fingers.... I'm really afraid that if they do report it, his credit will drop too much and we wouldn't be able to get the loan at all. His middle score is 671.

Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
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Re: Will they report?


SarahElisabeth wrote:

Hello, I'm new to the forums and have a question. My husband and I are in the process of applying for an FHA home loan. He has had credit issues in the past, but has been working hard at rebuilding his credit over the past year. He had a 30 day late payment on his auto loan in August of this year (he thought he paid it but hadn't), but his credit was pulled today and it's not been reported. How likely is it that they would report the late payment now? Crossing my fingers.... I'm really afraid that if they do report it, his credit will drop too much and we wouldn't be able to get the loan at all. His middle score is 671.


Ugh.. tough to say.. when was the last report? Does it show Octobters payment yet? Sometimes lates will show a month after the fact..

 

How late was he on the payment? 31 days? 40 days? 54 days? When did he finaly become current

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
New Member
Posts: 11
Registered: ‎11-02-2012
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Re: Will they report?

Hmmm, I'm not sure when they last reported. I need to ask our loan officer. He was 35 days late and has been current ever since. Do the banks usually report every month? When the credit was pulled initially on 9/24/12, they had reported in 8/12.... but the loan wouldn't have been late at that point.

Moderator
Posts: 12,952
Registered: ‎04-15-2011
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Re: Will they report?

You will just have to watch the report and see if it posts.  If it does, see if you can GW them.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
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New Member
Posts: 11
Registered: ‎11-02-2012
0

Re: Will they report?

Do they report on the same day each month? Or could it differ?

Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
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Re: Will they report?

Should be the same time every month..

 

When did the LO last pull your credit?

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Moderator
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Will they report?

They most often report around the same time, give or take a day.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
Posts: 11
Registered: ‎11-02-2012
0

Re: Will they report?

What I'm most afraid of is that we will get the mortgage committment with the current credit, and then if they re-pull the credit at the very end we would lose our real estate deposit (3.5% of purchase price and most of our savings)

New Member
Posts: 11
Registered: ‎11-02-2012
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Re: Will they report?

They pulled the credit today just for that trade line

Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Will they report?


SarahElisabeth wrote:

What I'm most afraid of is that we will get the mortgage committment with the current credit, and then if they re-pull the credit at the very end we would lose our real estate deposit (3.5% of purchase price and most of our savings)


If your deal falls apart at the table due to a new credit thing, you won't lose your downpayment/earnest money.

 

You only lose that if you back out of the deal.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX

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