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My realtor said that he wants to try Wells Fargo as a lender for the mortgage I want to obtain. I got a little worried because I had a car loan with Wells Fargo in about 2001 but it has been paid off. The issue is there were several late payments before they switched account numbers and changed over to some sort of different entity, and I even recieved an entirely different account number with new payment history. I am sure a lot of you on here know what I'm talking about. But anyway I had about 5 or 6 late payments on the old account, but then no late payments on the new account. So what I did was dispute with Wells Fargo asked them if they could remove the late payments in good faith from the old account because they were older than 7 years by the time they changed my account over in like 2008 or so, I think. They agreed and removed the lates since I had been current on all my payments since the new entity took over, and I also paid the account in full early. So in essence I do not have any late payments reporting on my credit from Wells Fargo. Now my question is will this effect me trying to apply for a mortgage with them? Will they somehow see in thier system that I was late on car payments before but by the grace of god I got in contact with a really nice manager that agreed to remove the old lates as a good will gesture. Or is the car loan department and mortgage loan department totally separate? I am nervous that someone might also notice what the other person did, and put the late marks back on my credit report. Anyone have any thoughts?
I doubt that exact item would be an issue for Wells Fargo, it's ancient history. The car loan division & mortgage division are separate, but pretty much all lenders have the ability to view your other credit activity with the same bank. No need to worry on it.
Thanks Shane. Your response makes me feel much better.