I have been a reader for quite sometime but just had to share my story that cost me my refy. Our house has been on the market for about 10 mo. I live in S. Ga. and just like everybody else houses are moving slow and some on our street have taken 18 mo to 2 yrs to sell. I have a terrible mortgage nobody to blame but myself. Anyway in order to do a refy your house has to be off the market in our case we had to show proof it would taken out of the multi listings and everything looked good. Signed all the paper work paid for an appraisal and got a call from the mortgage guy that a 30 day late showed up on our CR. I freaked called AMC (embarrased to admit I am with them) and yes because I was $55.00 short (they screwed up our escrow once again) I pay by bill-pay so had I opened up my last statement I would have seen this (again my fault.) Anyway they put it in a suspense account and by the time I found out it was the 2nd of June. Talk about a heart breaker my hubby's 754 score fell to 657 mine was 685 and fell all the way to 595 yes for one late payment. I call AMC and begged I have written letters explaining I have never been late what do they care they are being sued and closing many branches so it was a so what attitude. So please if you are doing a refy please make sure you are never late because they will pull your credit report again right before closing. I am now trying to do one on our investment property and put out primary house back on the market.
Unexpected circumstances can often befall us, and in accordance with Murphy's Law, at the worst possible time.
If you think you're gonna be late, or fear you're gonna be late, call the creditor BEFORE you are late. I think it's best to just be honest with them. Employer changed payday cycle, unexpected medical or school expense, forgot and/or failed to account for this debt this month, or whatever.
Ask whether they have a grace period. This can be heaven sent.
I remember 3 years ago when GMAC screwed up the change of banks for the automatic draft of my car payment. They screwed up. Not me. I faxed them a copy of a voided check and a request to change banks for the draft, and they transposed the numbers in either the routing number or account number. The dingdongs didn't think to call me when payment didn't go through, and they had both my home and work numbers. I was a bit freaked, and I asked about credit reporting. They said not to worry. They sent out a notice when it's 10 days late, and they don't report it late until it's 30 days late. We were only at about day 12.
This credit stuff sucks and even though we need it, doesn't make it suck any less. I was in the same situation as poster before Noah back in April. I only needed 21 points to get this refi that was sweet, well lo and behold, had some late fees with the mtg company that we paid when we sent in the payment. THey held the d--- payment saying they did not know what to do with the extra money that I sent in even though it was an online payment with a section clearly for late fees and I put the exact amount owed. They reported us late to cra's scores dropped 100 points. Been trying to get those points back and refi since May with no luck, or high interest rates. Yea, never, ever, ever, ever, be late. I get paid through the state and I submit paperwork once a month, heard on the news last night that State Comptrollers office is holding up payments to state workers, don't know if we are included, they didn't say, but when checking status after entering payment info on 8-2, still says that info was received and no mail dates. That will totally screw me up and I will just forget about credit because that will blow payments for mid-month.
if you use something like checkfree schedule your early not on your due date , you can get burned that way, I've heard people getting burned with checkfree, after all they are a 3rd party and can have their own prblems. for last minute payments signup direct with the OC keep money in the bank and you'll be fine
I'm signed up with Chase for my cc statement around the 26th of the month against my emigrantdirect accounts and it takes 3-4 days to post on emigrants end vs when I use chase epay from my online accounts posts next. so with my auto pay my savings is without my credit card payment 4 days or less out of the month.
People say "Only apply for credit you NEED"
I say "apply for credit you have PRATICAL use of"
I don't have AMEX card because I don't want a card that suffers from PMS