Late payments on closed accounts

[Ray72484]

I have about 12 late payments on a capital one auto loan about 20 late payments on a bank of missouri credit card, a few late payments on a Merrick bank card and 3 late payments on a credit one credit card. All the accounts except for the credit one card are closed and paid. I know late payments affect your credit for buying a house. Is there anyway to get this many late payments removed. Or what can I do to get approved for a mortgage. I know in need to pay down the credit cards I have now down to 30%. But what else can I do. Trying to buy a house before end of the year. As of right now my middle mortgage score is about a 550. Thanks for the advice. 

[FinStar]

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@Ray72484 wrote:

I have about 12 late payments on a capital one auto loan about 20 late payments on a bank of missouri credit card, a few late payments on a Merrick bank card and 3 late payments on a credit one credit card. All the accounts except for the credit one card are closed and paid. I know late payments affect your credit for buying a house. Is there anyway to get this many late payments removed. Or what can I do to get approved for a mortgage. I know in need to pay down the credit cards I have now down to 30%. But what else can I do. Trying to buy a house before end of the year. As of right now my middle mortgage score is about a 550. Thanks for the advice. 

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Unfortunately, no. As the late payments were legitimately reported it's going to be an uphill battle even by any goodwill standards.

Is the Credit One account the only open/active account that you have? Are you a first-time homeowner or veteran? 

[FireMedic1]

The only one that may delete with a GW Letter is Credit One since your still a customer. The rest is slim to none. One late is a maybe. Not easy. But the amount from each bank you listed. Probably not. Read this and follow what others have done. Good Luck!

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-... 

[Ray72484]

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@FinStar wrote:

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@Ray72484 wrote:

I have about 12 late payments on a capital one auto loan about 20 late payments on a bank of missouri credit card, a few late payments on a Merrick bank card and 3 late payments on a credit one credit card. All the accounts except for the credit one card are closed and paid. I know late payments affect your credit for buying a house. Is there anyway to get this many late payments removed. Or what can I do to get approved for a mortgage. I know in need to pay down the credit cards I have now down to 30%. But what else can I do. Trying to buy a house before end of the year. As of right now my middle mortgage score is about a 550. Thanks for the advice. 

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Unfortunately, no. As the late payments were legitimately reported it's going to be an uphill battle even by any goodwill standards.

Is the Credit One account the only open/active account that you have? Are you a first-time homeowner or veteran? 

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I have many other open accounts. I have a few capital one credit cards. 2 capital one auto loans and a few other credit cards. Yes I will be a first time homebuyer 

[Ray72484]

Am I able to buy a house with late payments on my credit. I have gone 1 year without a late payment and honestly I don't even see where my late payment from a year is. I also have a charged off first premier account that should be falling off in the summer as the first date of delinquency was in June of 2016 but it has been reporting CO every month since.  I also have 1 collection account for an old cable bill. It's with credence management. I have one other collection with portfolio recovery that should be coming off next month as I just paid it off and I know they delete once paid

[FireMedic1]

One late lenders could ignore. Scores would be higher. The pattern of the lates and the amount of them is what will scare them. Question. How long ago was the last one?

[FinStar]

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@Ray72484 wrote:

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@FinStar wrote:

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@Ray72484 wrote:

I have about 12 late payments on a capital one auto loan about 20 late payments on a bank of missouri credit card, a few late payments on a Merrick bank card and 3 late payments on a credit one credit card. All the accounts except for the credit one card are closed and paid. I know late payments affect your credit for buying a house. Is there anyway to get this many late payments removed. Or what can I do to get approved for a mortgage. I know in need to pay down the credit cards I have now down to 30%. But what else can I do. Trying to buy a house before end of the year. As of right now my middle mortgage score is about a 550. Thanks for the advice. 

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Unfortunately, no. As the late payments were legitimately reported it's going to be an uphill battle even by any goodwill standards.

Is the Credit One account the only open/active account that you have? Are you a first-time homeowner or veteran? 

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I have many other open accounts. I have a few capital one credit cards. 2 capital one auto loans and a few other credit cards. Yes I will be a first time homebuyer 

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Ok. Can you share with the community a list all of your currently open/active accounts with the limits, balances, including any auto or other loans as well?

This could assist with formulating a plan to see what might potentially work with nudging the scores up a bit.

[Ray72484]

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@FireMedic1 wrote:

One late lenders could ignore. Scores would be higher. The pattern of the lates and the amount of them is what will scare them. Question. How long ago was the last one?

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The most recent one was 2/2022. The charge off is still reporting CO currently. But a lot of my other lates were in 2021

[FireMedic1]

Follow what @FinStar asked. Are any lates more than 30 day lates like 60 or 90?

[Ray72484]

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@FinStar wrote:

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@Ray72484 wrote:

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@FinStar wrote:

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@Ray72484 wrote:

I have about 12 late payments on a capital one auto loan about 20 late payments on a bank of missouri credit card, a few late payments on a Merrick bank card and 3 late payments on a credit one credit card. All the accounts except for the credit one card are closed and paid. I know late payments affect your credit for buying a house. Is there anyway to get this many late payments removed. Or what can I do to get approved for a mortgage. I know in need to pay down the credit cards I have now down to 30%. But what else can I do. Trying to buy a house before end of the year. As of right now my middle mortgage score is about a 550. Thanks for the advice. 

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Unfortunately, no. As the late payments were legitimately reported it's going to be an uphill battle even by any goodwill standards.

Is the Credit One account the only open/active account that you have? Are you a first-time homeowner or veteran? 

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I have many other open accounts. I have a few capital one credit cards. 2 capital one auto loans and a few other credit cards. Yes I will be a first time homebuyer 

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Ok. Can you share with the community a list all of your currently open/active accounts with the limits, balances, including any auto or other loans as well?

This could assist with formulating a plan to see what might potentially work with nudging the scores up a bit.

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Not sure of all the accounts I have. I do know that almost all of my cards are maxed out because I have been on disability for the last 3 months. Going back to work in the beginning of February so when I get back to work and making overtime again I will be paying them down. Most of my cards have low limits around 500 or so for all of them. My 2 car notes are 550 and 630 a month. I am paying at least the minimum on all my cards and trying not to use them so that it doesn't say that I am at 100% utilization. I think I am at about 70% utilization right now