I have a fico score of 650. I have some late payments but they are back in early-mid 2007. From there on out i have had none. What do lenders look more closely at? Total late payments or recent late payments(2 years)? Im curious.
From what I've been told, the recent lates are most important. More specifically, the last 12 months prior to applying for the loan. If not, be prepared to explain and have a REALLY good story.
you may be asked to write letter of explanation explaining: what happened? how did you deal with it? & what steps have you taken to prevent it from hapening again?
