Does paid off mortgage drop from credit reports?

n2win · ‎06-28-2008

Refinanced mortgage (5/08) and have a 30 day late from the previous lender (3/07) reporting on all CRs. Also a

"Status: Open/Current, foreclosure was started" showing on EX. and

"Status Details: As of Dec 2013, this account is sceduled to go to a positive status"

Don't think this is helping too much

Will these drop off now that it's paid?

Goal: acquire and use Credit Cards, scores in the 700's in 2009
05/04/08 FICOS: EQ = 626; TU = 636: EX = 623
06/21/09 FICOS: EQ = 692; TU = 729; EX = 731 (CCT FAKO)
10/03/11 FICO EQ = 722 (CCT EQ = 749)

haulingthescoreup · ‎06-28-2008

Lates will report for 7 years after they occurred. EX is odd! I have the same dates on a late (3/07), and the same comment that the account will go positive on 12/13. I would think that it should be 3/14, but hey, I'll take it.

The re-fi'd mortgage will report for 10 years after it was closed due to refinancing. Once that late falls off, the mortgage itself will report clean for the remainder of the 10 years.

One 30-day late, and they show it as headed to foreclosure? That's harsh!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

n2win · ‎06-28-2008

It wasn't even 30 days, it was paid (recieved) on the 17th!

But there were other issues re the foreclosure, happened 10/02-11/02 (behind on payments due to my unexpected illness and hospitilization, etc.

Many phone calls, etc, and suupposedly, they were working with me, then, BAM, they did this, caught me surprise, although I got lucky and got everyting in order right away (plus their $6500 in lawyer fees) ugh...

Really glad to get them paid off, they didn't seem honest in their dealings...

Thanks for the info!

Goal: acquire and use Credit Cards, scores in the 700's in 2009
05/04/08 FICOS: EQ = 626; TU = 636: EX = 623
06/21/09 FICOS: EQ = 692; TU = 729; EX = 731 (CCT FAKO)
10/03/11 FICO EQ = 722 (CCT EQ = 749)

haulingthescoreup · ‎06-28-2008

If this is your only derog on your reports, it's probably not hurting too much.

You can try GW'ing the former lender, asking them to remove the 30-late, the status comment, or both, but most people don't have a lot of luck with GW'ing closed accounts. And these people don't sound like they were princes in the first place.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎06-28-2008

30-day lates decay rather quickly, and anyone doing a manual review will see that you got right back into the game and got the account caught up. I would try to GW it but if that doesn't work, don't sweat it.

WhirledPeasPlease · ‎06-29-2008

FWIW I opened my first mtg acct in April 02. They immediately sold the loan (06/02). The orig loan shows on EX only as transferred.

The 'new' loan shows on all 3 as closed -- I refinanced in 10/05.

The refi was subsequently sold and the orig refi shows on EX and TU only as transferred.

My current mtg shows on all three.

So... who really knows.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.