@909 wrote:
I have a 90 day late on a mortgage that is 6 years old. In early September my FICO 8s were in the 720 range. Reading about how CRAs, if asked nicely, might drop the old 90 day late before 7 years, I disputed the 90 day late. My FICO 8s all jumped about 60 points to 792 EQ, 766 TU, 788 EX w/in a week (my FICO subscription won't allow new 3B reports until 11/13).
Coincidental alerts at the time of the score increase included: mortgage account updated, consumer disputes; credit card balances declined to $1,272 (about 1.5% util from 3ish%).
Questions:
1) Do disputes affect a credit score? I assumed they wouldn't.
2) Will the disputes affect my ability to get a new mortgage? A poster here mentioned that disputes mask scores to mortgage underwriters. (I may want to get a new mortgage next year to rebuild on my current lot. I'm confident I can get a mortgage (I've refi'd twice in the past 3 years with mortgage scores at 700 and then 730 and I have a good relationship with my local bank's mortgage loan officer, but the disputes may now be an issue))
3) What's the best way to ask CRAs to drop the 6 yr old 90 day late before 7 years?
Thanks to all who make this forum a great resource!
Disputes can discount tradelines completely from active scoring. They are seriously wierd animals, which is why they're a no fly zone for mortgages (even the comments are verboten there as disputes can put tradelines into wierd statuses much longer than the dispute is officially active for apparently... bugs in the machine). For that large of a swing, it sounds as though the tradeline and the 90 day late are indeed discounted.
I don't know if early exclusion counts towards payment entries on a tradeline... usually it's public record / collection style accounts which can be excluded. I'm sort of interested to see what others have to say on that point. It'll be excluded in a year anyway at the 7 year mark, so depending when you're building and the date of the late, it may be moot.
