30 day late

[Anonymous]

hey I was approved for a mortgage by desktop underwriting last month put money down to start building a house ....my scores are eq 601 tu 598 exp 605. My last baddie was 2 years ago and I was literally 1 day late with my car payment. (31 days ) it was an oversight I panicked as that can piss an underwriter off ..so I called m mortgage company I'm dealing with and they said don't panic just pay your cards down.  For some reason this is really bothering me not just cuz of mortgage but I've worked so hard to build my credit again for 2 years and I can't bare to prob watch my scores drop 50 points ...even if I close on my house this is really bothering me......anyone been thru this ?  Is this credit Armageddon for me ?   Please help 

[Anonymous]

One late payment two years ago doesn't account for those low scores you listed. What else is in your file?

[Anonymous]

100 pct utilization ...and a judgement 2 years ago.  But that's all fine I was already approved....I'm panicking bcuz I can't have a 30 day unless someone can tell me it's not the end of the world 

[Anonymous]

The 30 day late is far less of an issue than the judgement and the 100% util.

[RobertEG]

When you say you were literally one day late, do you mean one day after the billing due date?

If that were so, it would not have been a reportable late to the CRA........

[tufa4311]

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@Anonymous wrote:

hey I was approved for a mortgage by desktop underwriting last month put money down to start building a house ....my scores are eq 601 tu 598 exp 605. My last baddie was 2 years ago and I was literally 1 day late with my car payment. (31 days ) it was an oversight I panicked as that can piss an underwriter off ..so I called m mortgage company I'm dealing with and they said don't panic just pay your cards down.  For some reason this is really bothering me not just cuz of mortgage but I've worked so hard to build my credit again for 2 years and I can't bare to prob watch my scores drop 50 points ...even if I close on my house this is really bothering me......anyone been thru this ?  Is this credit Armageddon for me ?   Please help 

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I think you mean your were 31 days late, no? 1 day late would not have been reportable. I assume when you say "1day late" you mean you were 1 day beyond the allowable 30 day grace period, correct?

[StartingOver10]

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@Anonymous wrote:

100 pct utilization ...and a judgement 2 years ago.  But that's all fine I was already approved....I'm panicking bcuz I can't have a 30 day unless someone can tell me it's not the end of the world 

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^^^This is what is killing your score. Yes, the 31 days late hurts but one reported late can usually be over come with a letter of explanation. However, you need to have compensating factors to overcome the negative issues in your file. The compensating factors might be (as a very limited example):

• large cash reserves
• low overall DTI
• long work history
• other HH income not shown on the mortgage application (eg spouse works but income isn't on the application because the spouse isn't part of the mortgage app)

Ask your loan officer. They want you to pay down your balances so your score increases. Hopefully that judgment has been paid off.  Get your file in order if you want the mortgage. Pay down or pay off those balances.  This is when the pay the cc's to zero except one and have it report a small balance really pays off. The lender can run a rapid rescore once those balances are paid down/off.

[Anonymous]

Sorry I should have been clearer in my story...

the he judgements are paid and the I wrote a letter of explanation 

and yes,  31 days late ...I'm going to wait for it to hit then beg drivetime credit ( auto) for a GW 

[gdale6]

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@Anonymous wrote:

Sorry I should have been clearer in my story...

the he judgements are paid and the I wrote a letter of explanation 

and yes,  31 days late ...I'm going to wait for it to hit then beg drivetime credit ( auto) for a GW 

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The judgment will overshadow your entire report until it no longer reports just like any other PR does. I would check and see if you can file a motion in the court(s) that granted them to vacate on grounds they have been paid. If this can be done and the judge grants it the judgments can then be removed from your reports.

[Anonymous]

From my own experience, the high utilization will kill your scores. I paid off all mine and my score went up close to 60 puts.