topic Re: HELP!!! Im Freaking out! in Mortgage Loans

HELP!!! Im Freaking out!

Mike2673 — Fri, 17 Jun 2022 15:03:45 GMT

Got pre approved back in April. Bank got ahold of us said yup it's still good for 120 days we were all happy about. Then all the sudden I check my Credit Karma and experian and there was a drop of 44 points on experian. And almost 90 on CK!

come to find out they put a 30 day remark of non payment on my Credit reports. I was going through medical issues and called them today and told Paypay/synchrony bank about what was going on. I talked to a lady and she said as a 1 time courtesy because of the medical stuff that went on she would update my payment date. Take care of the late fees and was sending something to the credit Bureau and let them know to take the remark off.

with that being said did I just screw up me and the wife home approval? My fico score still shows 624! I posted 2 payments one yesterday and 1 today!

PLEASE SOMEONE SAVE ME FROM STRESSING OUT!

Re: HELP!!! Im Freaking out!

Mike2673 — Fri, 17 Jun 2022 15:08:04 GMT

Also would like to say I haven't had any late payments in about 3 years! I have two things under my name as Far as CRedit cards etc. one is a PayPal credit account which is current The only one that threw a problem was that pay pal CC! I just need thoughts possibly prayers and someone to talk me off the edge before I jump 🥹😢

Re: HELP!!! Im Freaking out!

kilroy8 — Fri, 17 Jun 2022 15:09:11 GMT

With that score, there has to be a lot more going on than one 30 day late. To get a mortgage, all accounts must be current and collections paid off, in my experience.

Re: HELP!!! Im Freaking out!

Mike2673 — Fri, 17 Jun 2022 15:27:39 GMT

@kilroy8 wrote:
With that score, there has to be a lot more going on than one 30 day late. To get a mortgage, all accounts must be current and collections paid off, in my experience.

I have no
collections on my account at all and my account shows current with PayPal CC! We have a join credit card through the bank that the balance is high?! I'm talking like a 1000$ limit but it's not maxed!

All I'm seeing on my CK account is some past hard inquires removed and that the balance went up 48 dollars because the system did not update in time so I think it might of been the late payment fee which I talked to the lady today who said she is removing all them etc. and she is contacting the Bureau to have them update it on their ends to to get this remark off. I'm usually on top of all my bills etc. the lady said she updated my account on PayPal and it shows no derogatory marks on my CK.

Re: HELP!!! Im Freaking out!

Mike2673 — Fri, 17 Jun 2022 15:52:22 GMT

Yeah I literally have no collections or nothing! No derogatory marks nothing! I just think they didn't get my payment in time and they put a remark im 30 days past dude! @kilroy8

Re: HELP!!! Im Freaking out!

Veronik2019 — Fri, 17 Jun 2022 16:56:03 GMT

@Mike2673 wrote:
Also would like to say I haven't had any late payments in about 3 years!

This is telling us you've had late payments before from 3-7 years ago. How many late payments do you have? Whats your credit card util %? If its anything above 89%, its consired maxed out. Also if it wasn't 100% maxed yet maybe the late fee could've taken it to report "over or ar credit limit" which is also damaging. But very possible the late payment was the reason for the 40+ points drop. I had that happened to me last year when i lost a payment.

Re: HELP!!! Im Freaking out!

Mike2673 — Fri, 17 Jun 2022 18:01:38 GMT

@Veronik2019

i swear to god this one was my first 1! These were my first credit cards tbh I never believed in them but I got them to help build that credit if it makes sense. The limit is 300 on the card so yeah I think the late fee pushed me close to the max. Yesterday I applied a 50 dollar payment! And I talked to them today and they were going to see if they can removed the remark because I was hospitalized! If I can send pictures here I would show you the screenshots from credit karma! On experian it dropped 44 points so it's still in the 624 mark!

im just hoping I'm not a dead man! I'm hoping the bank sees this and they will see it be my first missed payment since I've been with them and my wife. We have join loans that she pays on time. So yes this is really honest to god hand to the lord my first payment for this account and I missed it due to money and hospital.

I just don't wanna lose this loan!

Re: HELP!!! Im Freaking out!

ShanetheMortgageMan — Fri, 17 Jun 2022 18:04:09 GMT

The good news is it sounds like it'll be corrected shortly so your scores/report should revert back to the status when your loan was previously approved, so even if the lender is alerted to the new late payment, as long as you can extend your rate lock then you'll have enough time for the update to be processed by Synchrony & the credit bureaus.

Re: HELP!!! Im Freaking out!

Mike2673 — Fri, 17 Jun 2022 18:20:13 GMT

@ShanetheMortgageMan so I called them this morning in a panic! They said I missed my first ever payment with them which I sent to them! With that being said I made another one and I got one more bill due in July. But because of fhe hospital and income being short they agreed to take the late fees and contact the Bureaus with the dispute. Hopefully it gets taken off! My question is if it gets brought up? Are we screwed? Or will the bank still approve it! Literally been with the bank 7 years have a current loan with them as far as cars and many others through the years and never been late!

im just worried about the credit drop but pre approval is good till august and we're scheduled to close end of July... you guys are all helpful thank you!

Re: HELP!!! Im Freaking out!

Gbelcher1980 — Sat, 18 Jun 2022 02:59:46 GMT

Once the creditors reverse it with the credit bureaus and it's processed, your scores will go back to how they were before and it will look like nothing ever happened. I just went through this. My score droped 44 point on equifax and as soon as they reversed it my score jumped right back up 44 points and the mark was off and looked like it never happened.

Re: HELP!!! Im Freaking out!

Mike2673 — Sun, 19 Jun 2022 20:00:00 GMT

@Gbelcher1980 @Yes it looks like today credit karma shows the remark reversed and PayPal **bleep**ed up so bad because payments were sent they wiped out my balance so I know have nothing on that card so my utilization is at 0%. Also shot it up more. Do you know how long it takes for experian and them to update it because it looks like it hasn't updated through them yet?

Re: HELP!!! Im Freaking out!

Gbelcher1980 — Mon, 20 Jun 2022 01:35:16 GMT

With me, Equifax and Transunion updated within a day of each other. Experian took about another 7 or 8 days to update for some reason.