Old mortgage lates impact

Kw76 · ‎11-25-2017

Hi Everyone , I am a long time lurker on Myfico and find everyone’s posts very helpful and encouraging. So this is my first official post!

I’m in the process of rebuilding my credit score and have been doing so for the last 4 years, went from 550-796 currently

I have 12 old 30-120 late marks on my report due to a mortgage modification. These started May of 2011 and ended June of 2012. What kind of impact are these lates having on my scores and report ?

I haven’t had new accounts or credit cards for over 4 Years. This month I refinanced both of my car loans with a new bank, getting superb rates .

I’m just afraid to app any credit cards with some old dirt on my report, I want to go in to new creditors with a totally clean file . I want to open some accounts with Discover and possibly Penfed or Navy fed.

What are you guys thoughts with applying for new accounts and the impact of these lates ? Will these fall off all at one time or 1 by 1 ?They show up in the comments that are “affecting my score” on some reports.

Thanks for you time

AAOA 9.5 years
Oldest account 20 years
Util is 1% over 23,500 in open credit
No other derog
TU 796 Equ 787. Exp 799

Anonymous · ‎11-26-2017

@Kw76 wrote:

I’m just afraid to app any credit cards with some old dirt on my report, I want to go in to new creditors with a totally clean file . I want to open some accounts with Discover and possibly Penfed or Navy fed.

If you want to wait till your file is clean, then you need to wait till they drop off or work with the people in the rebuilding forum to get them removed.

But maybe you are actually trying to say that you don't want to wait. Rather, you'd like some reassurance that you won't have any trouble being approved for credit cards without having to wait.

In that case, be assured that scores in the upper 700s are fine. Almost certainly you won't have any problem. And even in the 1 out of 100 chance that one of the issuers says No... getting hurt because somebody tells you no is a very first world problem to have. Just means you'll wait with that creditor till your lates are gone.

The only caveat I'd give you is that if the specific kind of credit is a home loan, I'd tend to work on getting the lates removed first before applying.

Kw76 · ‎11-26-2017

Thanks for the reply, your comment Makes a lot of sense. My plan is just to get 1 card and age that account with responsible spending and spend only what I can afford.

I keep hesitating when I think about going online and applying . Just the jitters I guess .

Thanks again

Anonymous · ‎11-26-2017

OP, quick question. The scores you have referenced in your sig... where did you get them from? Are they FICO (08) scores? If so, it's impossible that you have any 120 day (or even 90 day) lates on your credit report. Or, if somehow you do, then for some odd reason that account isn't being factored into your score. 770-800 scores to my knowledge have never been reported with the presence of a single major baddie, much less several. I'm curious to hear more about this from you.

Kw76 · ‎11-26-2017

Score is from my credit union , I just refinanced my car loan last week (TU 721)I also have myfico and are fico 8. The lates are almost at the 6 year mark. I also just payed off 12k in credit card debt this week and shot my scores through the roof.

Anonymous · ‎11-26-2017

I'm referring to the 787/796/799 scores you have in your sig. Are those FICO 08 scores you got from myFICO?

If so, even if you have a 6 year old 120 day late your scores would be lower than that. It leads me to believe that those lates aren't visible on your report, or somehow that account isn't being factored into your scores.

What type of score (scoring model) is the 721 score you got from your credit union?

Kw76 · ‎11-26-2017

Yes fico 8... they only show in one report that being Experian with the late 12 times.

The scores in my sig are My FICO

Credit union was using (trans 8)I believe. The 721 was prior to paying off my debt of 12.5 k.

Anonymous · ‎11-26-2017

@Kw76 wrote:
Yes fico 8... they only show in one report that being Experian with the late 12 times.

The scores in my sig are My FICO

Credit union was using (trans 8)I believe. The 721 was prior to paying off my debt of 12.5 k.

Hey OP. To dovetail on the questions of BBS, are you saying that....

* EQ and TU have no derogs of any kind

* EX has Day 90 and Day 120 lates

* Your FICO 8 scores are TU 796 Equ 787. Exp 799

?

If so that is even more incredible. Namely the presence of severe derogs being associated with a higher score than a bureau that was completely derog free. Something really weird going on.

Anonymous · ‎11-26-2017

I agree with CGID that something strange is going on.

Seeing your score go from 720's to 790's from paying your aggregate utilization down about 50% is completely normal and expected... but not with the presence of major delinquencies.

If the majors are visible on only one bureau, it would be typical for your score on that bureau to be 50-80 points (give or take) lower than your score on the other 2 bureaus that's being generated using clean report data (no delinquencies).

Since all of your scores similar and indicative of a clean profile, it suggests that your majors aren't visible on any bureau.

Slightly off topic, but do you currently have an open installment loan? If so, what type of loan is it and what does it's current utilization percentage sit at? To determine that, just divide what you owe on the loan currently by the original loan balance.

Kw76 · ‎11-27-2017

Yes I have a personal loan , 8% util