“Good” Score, No Loans Approved

[Anonymous]

Quick backstory. I have around 4-5 active account and 4-6 historical closed accounts all with excellent payment history. Last summer we got into a spot with my former employer wasn’t paying my expense reports from travel. They racked up over $12k on my cards, and we were making payments on them in the meantime, no problems.

Once we finally got the checks in, I left the company and we paid off our cards, or so we thought. We miscalculated and underpaid our US Bank card by around $150 ( I think our payment was processed later than we thought, and we got stuck with an extra month of interest).

At any rate, we never realized this until nearly 60 days late, as we don’t use our cards except true emergencies. We immediately corrected the issue, but US Bank reported a 60-day and a missed payment. Really the only negative mark in 2-3 years. My scores are 664,670,685, but I’m being rejected for “recent” bad payment history for an RV loan we’re after.

Looking for any experience here or options. I’m trying to work with US Bank, but how long is this likely to be a deal killer for us?

[Anonymous]

Derogatory remarks remain on your report for 7 years. That said, they do lose a little “punch” as time goes on but, as you’ve seen, lenders will still find 2 years to be recent.

There is nothing else negative on your reports? What balances are you carrying on your cards? Your scores still seem a bit low for just one late at the 2 year mark.

[Anonymous]

I’ve had a 30-day on a mortgage Ive since closed, that was about 2 years ago. $0 on any credit cards. We don’t use them or really any other credit for that matter. When I paid off my credit card debt and stopped using them 2 years ago, my credit dropped like a rock.

[gdale6]

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@Anonymous wrote:
I’ve had a 30-day on a mortgage Ive since closed, that was about 2 years ago. $0 on any credit cards. We don’t use them or really any other credit for that matter. When I paid off my credit card debt and stopped using them 2 years ago, my credit dropped like a rock.

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All cards reporting 0 is a Fico score drop of an avg 17 points, you should let one report a small balance each month if you are trying to gain points. To go after that 60 day you would need to request a GW deletion of it from the bank. Sometimes they will other times not. Welcome to myfico.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

[RSX]

To avoid future issues, log into each CC account you have and 

1. turn on alerts for Payment Due

2. turn on Autopay. Set to minimum payment