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Specifically:
Three 30 day lates and one 60 day late; with the most recent 30 & 60 back in June and July.
I have since started working on getting my credit right. Since July, I have been on time and have paid down my credit card from over $700 down to $23 that has a CL of $320. My Cap 1 card will be reporting tomorrow 10/10/12 at a utilization of >8% from last month which it was reported at 104%.
Side question:
Based on the numbers I provided about my utilization, will that boost my score up? and what is the typical/average number of points?
You can't have any late payments within the last 12 months to be approved for a mortgage. I think one is ok if you have a good explanation and it is an isolated occurrence. Paying down your credit cards will definitely improve your scores.
typically, lenders don't like to see any recent lates. I would wait at least a year of no lates and pay off as much debt as possible. Ask lenders to remove baddies..
lenders like to see how much money you have saved up on o recent overdrafts on persnal bank accounts.
you need to share with us more information..
-income
-fico score
- what type of mortgage loan ..is it VA, FHA, conventional
-how much you are willing to put down as a dawn payment etc..
-other showshow
@dciples wrote:
Specifically:
Three 30 day lates and one 60 day late; with the most recent 30 & 60 back in June and July.
I have since started working on getting my credit right. Since July, I have been on time and have paid down my credit card from over $700 down to $23 that has a CL of $320. My Cap 1 card will be reporting tomorrow 10/10/12 at a utilization of >8% from last month which it was reported at 104%.
Side question:
Based on the numbers I provided about my utilization, will that boost my score up? and what is the typical/average number of points?
if the were isolated incidents you should try and GW the lates but the above posters are correct mortgage companies want to see a clean past 12 months. Depending on what type of loan, scores, etc you may be able to write a LOE but you can always call around to different LO to see what they say...hope this helps