Future reporting

[Anonymous]

I recently had a 30 day late payment on a mortgage.  Unfortunately it was the worst timing ever as I was getting ready to do a refinance and my score dropped under the minimum score required from my lender.  They require 650 minimum middle score and mine came in at 622.  I have since made the account current and I assume the score will go up 10 points give or take which doesn't help quite enough.  I was wondering has anyone ever paid an account ahead by a month or so?  If so, did the creditor report the account paid to the credit bureau as far in the future as it was paid.  This would put a little distance from the original late which I'd assume would help me out considerably. 

[thornback]

Hi and welcome to the forums!

No. Accounts are only reported one month at a time. The extra payment will count for the current billing cycle and be reported as a single payment for the current reporting period.  Even if the extra payment pushes your next due date out a month, it will still only report a PAID status once for the current cycle, and then - for the early paid month - report a PAID status the following month on the scheduled reporting date.

Have you considered asking your lender for a goodwill removal of the late payment? 

[AllZero]

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@Anonymous wrote:

I recently had a 30 day late payment on a mortgage.  Unfortunately it was the worst timing ever as I was getting ready to do a refinance and my score dropped under the minimum score required from my lender.  They require 650 minimum middle score and mine came in at 622.  I have since made the account current and I assume the score will go up 10 points give or take which doesn't help quite enough.  I was wondering has anyone ever paid an account ahead by a month or so?  If so, did the creditor report the account paid to the credit bureau as far in the future as it was paid.  This would put a little distance from the original late which I'd assume would help me out considerably. 

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@Anonymous  You pose an interesting question. However, in the FICO time line, I do not think one month separation from the delinquency will be suitable for discernible score gain. It may be be two years before you see any reprieve.

Have you considered sending a GW Good Will letter?

I would recommend reading the below from BrutalBodyShots
The Saturation Technique: Best GW adjustment odds.

[thornback]

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@AllZero wrote:@Anonymous   I do not think one month separation from the delinquency will be suitable for discernible score gain. It may be be two years before you see any reprieve.

This too - great points, @AllZero. 

Even if a lender could report months in advance, a couple of months wouldn't  make enough of a difference,  if any,  scorewise as 30-day lates don't begin to lose their sting til they age to two years.  Even then, they will continue to cost points until they are excluded upon reaching their 7 year mark. 

[RobertEG]

The Metro 2 reporting codes provide for the reporting of the currrent account status under field code 17A, and for the status for prior months under the payment history profile as field code 18, which is simply a string of at least 24 numbers, beginning with the immediate prior month, and then going back sequentially for each prior month (such as Field 18 = 2211100000DD000101000000 ).  The first alphanumeric character, from left to right, begins reporting with the immediate prior month's status, and then proceeds to the right for each prior month.  It cannot physically begin with reporting of a future month.

Thus, there is no possibe way under the CRA reporting format to report payment history for months that have not yet occured.

History is, by definition, reporting of the past.

[Anonymous]

I did send them a letter a couple weeks ago.  They haven't responded yet though.  With the post office falling behind these days I'm not 100% confident they even received it yet.  I should have sent it certified but I wasn't thinking.  

[Anonymous]

I did send them one but I didn't send it certified.  Haven't heard back yet and it's been a couple weeks.  The loan is through PNC Bank.  Do you think this would hurt or help as for them granting a forgiveness?

[Anonymous]

That's very informative!  Guess I'm officially out of luck trying to get creative and burying the late.  My score dropped roughly 120 points in the last year.  It was approximately 50 points from the late and 70 from being over utilized.  I'm going to get creative and get my utilization down and get the score to move that way instead.  Thanks for the help!