Established Member
dciples
Posts: 24
Registered: ‎10-08-2012
Will credit card late payments keep me from getting a mortgage?

 

Specifically:

 

Three 30 day lates and one 60 day late; with the most recent 30 & 60 back in June and July.

 

I have since started working on getting my credit right. Since July, I have been on time and have paid down my credit card from over $700 down to $23 that has a CL of $320. My Cap 1 card will be reporting tomorrow 10/10/12 at a utilization of >8% from last month which it was reported at 104%.

 

Side question:

 

Based on the numbers I provided about my utilization, will that boost my score up? and what is the typical/average number of points?

Starting scores 8/23/2012: EQ-526; TU-506; EX-548
Lender pull 10/11/2012 EQ-569; TU-531; EX-560
Lender Pull 11/5/2012 EQ-584; TU-598; EX-559
Lender pull 1/22/2013 EQ?; TU-607; Ex-539
Milestone 1: 620
Regular Contributor
deg757
Posts: 118
Registered: ‎08-13-2012
Re: Will credit card late payments keep me from getting a mortgage?

You can't have any late payments within the last 12 months to be approved for a mortgage. I think one is ok if you have a good explanation and it is an isolated occurrence. Paying down your credit cards will definitely improve your scores.

Starting scores 2/27/12 TU 605 EX 576 EQ 560
Current scores lender pull 9/6/12 TU 663 EX 629 EQ 645
Closed on our first home 10/26/2012!
Established Member
Chavela
Posts: 22
Registered: ‎08-16-2012
Re: Will credit card late payments keep me from getting a mortgage?

typically, lenders don't like to see any recent lates. I would wait at least a year of no lates and pay off as much debt as possible. Ask lenders to remove baddies..

lenders like to see how much money you have saved up on o recent overdrafts on persnal bank accounts.

 

you need to share with us more information..

-income

-fico score

- what type of mortgage loan ..is it VA, FHA, conventional

-how much you are willing to put down as a dawn payment etc..

-other showshow

Valued Contributor
beb86
Posts: 1,115
Registered: ‎10-31-2011
Re: Will credit card late payments keep me from getting a mortgage?

dciples wrote:

 

Specifically:

 

Three 30 day lates and one 60 day late; with the most recent 30 & 60 back in June and July.

 

I have since started working on getting my credit right. Since July, I have been on time and have paid down my credit card from over $700 down to $23 that has a CL of $320. My Cap 1 card will be reporting tomorrow 10/10/12 at a utilization of >8% from last month which it was reported at 104%.

 

Side question:

 

Based on the numbers I provided about my utilization, will that boost my score up? and what is the typical/average number of points?


if the were isolated incidents you should try and GW the lates but the above posters are correct mortgage companies want to see a clean past 12 months. Depending on what type of loan, scores, etc you may be able to write a LOE but you can always call around to different LO to see what they say...hope this helps

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