01-27-2013 04:52 PM
I have several derogs from Sallie Mae. Equifax is showing two (2) 90-day lates, one from 5 years ago, one from last year. TransUnion, is showing five (5) 90-day lates and two (2) 120-day lates. All but one of the 90-day lates is from 5-6 years ago.
When I pulled my TransUnion credit score through myFico, it was reported as a 662 (I have not been able to pull the Equifax yet, I think because I had pulled the report before visiting here).
A few questions:
1. Does anyone have experience obtaining mortgages with similar derogs on their report? Are the 90-day lates something that would virtually guarantee mortgage rejection?
2. I've read that Sallie Mae occassionaly accepts GWs for 90-day lates. I'd like to get the one from last year removed as it occured during a medical emergency with family and was not related in any way to inability to pay. If I am able to have the year-old 90-day late removed would it likely improve my score and/or chances of obtaining a mortgage?
01-28-2013 11:24 PM
A mortgage might be possible given the score but the key derogative tradelines might skew things out of line. Actually, a lot depends on the lender. Some do not even look at negative TLs which are at least a couple of years old.