@spedteacher1 wrote:Hi, I am looking for some advice.
My credit score was a 730. I had 5, 30 day late payments from October 2019. I switched teaching positions and just got overwhelmed with things. All accounts were caught up as soon as the 30 days were over. I have called and written to all 5 companies and nobody will remove the late reports.
My credit score dropped to 615, but I have been rebuilding it and it is now at 678 (from experian, fico 8).
My utilization is 65% (we have had a few periods of time with only one of us working, hopefully both of our jobs should be stable for a while now) and my DTI is 20%. Since coronavirus I have put every extra penny to paying off credit card debt. We just sold one car since we are both working from home, this will also help taking that money and putting toward our credit card debt.
So, a few questions...
1) Our 1 car lease is up and I need to lease a new car, will I be able to with a 678? I will be getting the same car I have now, and there are no late payments to Ally Financial. My husband was a 750 and is now a 720, but I would like get the car in just my name. Will this be possible? More than likely yes you will be able to but at a higher int rate.
2) We would like to refinance our house. No late payments to Wells ever- our loan has been with with them for 20 years. Will the late payments affect our ability to refinance? Possibly as lenders have been moving the goalposts higher and requiring a higher Fico score for approval. I would talk to whomever you are going to refi with up front.
3) Will the 30 day late payments have less of an affect on my credit score eventually? Yes as time goes by they will lessen in impact. Will I ever make it to 700 or above again? More than likely yes as they get older just try to not get anymore.
Any other advice other than continuing to pay down our credit card debt? Try to get the lates removed by putting them on a schedule to ask and I would send the letters to the CEO.
Thanks!
