Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
scorebuilder2

0 Contributions
0 People Helped
How much impact does a late payment have 3 years ago? I have a 737 score from Transunion.
My Equifax score is 718. I know that there are multiple factors which influence the score. Back in 2013, I was late two times on my car note by 30 days each and to make it worse, at the time I had very little credit. Since then I have been diligently working hard to rebuild a damaged credit history that is also relatively young and my credit score has soared by almost 200 points. (Transunion is 737, Equifax is 718 and Experian is 727). I have 2 Capital One cards and 1 Citibank card. I typically keep my utilization ration very low at between 2% to 3% and I never carry a balance. My total combined credit limit is $6,550. At this point I have made 82 monthly payments between the car loan and the credit cards, of which 80 have been on time. I opened the first capital One in October 2014, then the next Capital One in Jan. 2015 and finally the Citibank Card in Jan 2016. How much impact are the late payments still having on my scores? Will I be able to qualify for a mortgage?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1136 People Helped

They are not as damaging as they originally were, but are still causing damaging. As more time goes on the damage will subside more. I don't think that this will disqualify you with all mortgage lenders, but possibly with some, all in all you should be ok. Just thoroughly research the lenders that you are thinking about applying with to see how they have handled people in your situation.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.