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Question By
eacg

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Late Mortgage Payments
Hi,

3 years ago my husband lost his job right when I had recently quit my job to start my own business. At that time my credit score was about 770 and his credit score what about 790.

Years earlier we had taken out a Mortgage and structured it to be paid bi-weekly over 10 years which meant a large bi-weekly payment in order to reduce the overall interest paid over the life of the loan. Since we had a very good net income together when we first took the mortgage we made a very bad decision to make our payments frequent (bi-weekly) and high.

We could not pay on time for about a year. We really struggled. That was when jobs were hard to find and clients were dropping me due to the bad economy. It was really hard but we did make sure we paid even if we paid a partial...but partials still are considered late and it just snowballed.

We have now paid our Mortgage on time for 20 months but of course the many months of 30 to 60 days late really killed our reputation and our credit worthiness. I am now 660 and my husband is 702.

We want to refinace our Mortgage and also pay off a credit card and a couple of other loans in order to reduce our monthly payment.

I am afraid to allow a bank to look at our records and don't want to hear the words "we cannot approve you for this loan" or "well, since your credit scores are poor we need to charge you 22% interest" or some higher rate that will not be acceptable or make sense to us.

We already let out Mortgage holder know that we are looking to do a refi and asked them if they would do a "courtousy" adjustment to our payment record and I received the basic "well, if we do it for you we have to do it for everyone" line. Which really means "No, but I want to make you feel small while I tell you no" (I guess that feels pretty powerful??)

If anyone can chime in about their own experience if it is similar to what we are dealing with I would appreciate it very much. Any tips or encouragement would be nice. If we need to be told there is likely little chance of being approved we would like to hear about that before we decide what to do.

Thank you!

Nov 21, 2013 | Reply |
Comment by
eacg
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i am trying to rent a townhome but my credit is not good. I never rented before, what steps should i take

pathfinder2005's comment was:

Helpful Not Helpful Nov 14, 2013 | Reply |
Comment by
pathfinder2005
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I have a collections for non payment on a timeshare in Mexico. The maintenence fees went from $400 to $1000 in two years. So I called the company that sold me the condo( which was fully paid for) to dispute the rate of the maintenence fee. There currently was a law suit pending on behalf of the condo owners to which I added my name. We won the settlement of a lower yearly fee, but the collections company still is on my report. I argued for three years and gave the condo back to the company that I purchased it from. So how do I get this collection off of my record? I have tried everything. rilcat The collections company is in California and I am in Michigan.

traveltheglobe's comment was:

Helpful Not Helpful Nov 13, 2013 | Reply |
Comment by
traveltheglobe
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Please mail me a copy of this to my Mary Ann montes 457pullman ave rochester ny 14615 I am trying to clear my debt

MaryAnnMontes's comment was:

Helpful Not Helpful Nov 12, 2013 | Reply |
Comment by
MaryAnnMontes
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Under the heading "delinquent on payments", what does the percentage under payment status mean?

zjjs's comment was:

Helpful Not Helpful Nov 11, 2013 | Reply |
Comment by
zjjs
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You hav e incorrect information on my profile. It was changed by transunion, but you still have it on your record.

kshattler's comment was:

Helpful Not Helpful Nov 10, 2013 | Reply |
Comment by
kshattler
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I have four court judgements showing on my report prior to my bankruptcy that were on accounts included in my bankruptcy. How do I get those removed from my report.? I thought the bankruptcy required them to be removed? I also have a judgement showing on my report since the bankruptcy that was paid in full. should that be showing on my report ?

Fixit101's comment was:

Helpful Not Helpful Nov 05, 2013 | Reply |
Comment by
Fixit101
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how long do late payments stay on your record

aretases's comment was:

Helpful Not Helpful Nov 05, 2013 | Reply |
Comment by
aretases
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Hi everyone,

how can I get all my credit cards paid off and get my score in good standing. Right now my score is 517, how can I fix this I really want to plan on getting a home. Can someone help me please

Ahima07's comment was:

Helpful Not Helpful Nov 03, 2013 | Reply |
Comment by
Ahima07
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Once I start paying off my debt, about how long will it take for my credit score to improve?

TMPU's comment was:

Helpful Not Helpful Nov 03, 2013 | Reply |
Comment by
TMPU
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I was late on the last payment, other than that I had very good credit with Chase Bank.

minitonka3's comment was:

Helpful Not Helpful Nov 03, 2013 | Reply |
Comment by
minitonka3
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I made one late payment on an account Nov. '12 but was able to pay that account off in full a few months later. How long will it show up on my report?

LeeG66's comment was:

Helpful Not Helpful Nov 02, 2013 | Reply |
Comment by
LeeG66
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I paid off a credit card and it showed paid in full and the cc company sold out to someone else.. They added interest that never showed up when I paid the card in full.. A month later I get a bill from the company that bought it and they said I owed over $100 and that my payment was past due.. I called them and told them I paid that card off and they said I should have checked to see the balance.. I did! It was $0.. I paid it in full... They really ticked me off and I cancelled the card and they showed it paid in full and I didn't have to pay them a dime but it showed up on my credit report as being a late payment.. How can I fix this? I have worked so hard to get my score where it is all for them to do something like this to me.. Any suggestions?? Thank you in advance....

terrilee54's comment was:

Helpful Not Helpful Oct 31, 2013 | Reply |
Comment by
terrilee54
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I Paid off the car loan and it still shows from when I had late payments is there anyway to remove that from my credit?

mleeder1218's comment was:

Helpful Not Helpful Oct 31, 2013 | Reply |
Comment by
mleeder1218
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I applied for a vehicle loan and had 10-15 credit inquiries even after I purchased my vehicle. How can I remove these inquiries?

kmpalmer75's comment was:

Helpful Not Helpful Oct 30, 2013 | Reply |
Comment by
kmpalmer75
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Helpful to 1 out of 1 people
I show 2 late payments on 2differant loans that were paid off at the time the late payment showed up... Both banks say they can't take it off???

really??

Bill10122000's comment was:

Helpful Not Helpful Oct 27, 2013 | Reply |
Comment by
Bill10122000
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Over the summer, I somehow overlooked a measly $5 charge on a store credit card I barely ever use. I didn't realize it until 30+ days after the due date. Obviously, this drastically reduced my score. I am sick about it! Think it's worth disputing with the credit card co??

jettaces's comment was:

Helpful Not Helpful Oct 27, 2013 | Reply |
Comment by
jettaces
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When I recently went to refinance my mortgage the bank checked my score. I believe they used Experian. On Credit Karma they apparently use Transunion, which shows my score to be 48 points lower. Yet there is another credit company out there - Equifax. I dont know what my score is with them. Why such a difference, and how do we know which agency a lender uses? Do they use one or more than one? Do they average the score?

Yankfan13's comment was:

Helpful Not Helpful Oct 25, 2013 | Reply |
Comment by
Yankfan13
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I had two loans "titled" delinquent while it was under review for being waived due to permanent disability. I don't think this should be legal or affect my account in a negative way, especially, if they were dismissed after the review.

tjblueeyes's comment was:

Helpful Not Helpful Oct 25, 2013 | Reply |
Comment by
tjblueeyes
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If My acct with Chase has been closed for 4 years why is yhere still a notation of 1 late payment?

And the Catherines account was inclided in the bankruptcy filed in Dec. of 2010.

SAWM's comment was:

Helpful Not Helpful Oct 22, 2013 | Reply |
Comment by
SAWM
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Late Payments:

I had a old (like 2005) car loan where I totaled the car, then was told by the insurance company that they would pay x-amt and i would pay the rest. They took 3 months to pay (i had paid my part), so the loan went to collections, then was coded as a write off AFTER the insurance had paid their part. It now shows as a failure to pay / write off on my credit report.

I tried going though the credit bureaus and they have said i need to contact the lender. The original lender no longer exists and was purchased by ANOTHER lender, and they say that there is nothing I can do to change the status of this.

I have been going in circles trying to get this resolved for YEARS, but am wondering if i should just stop trying. The loan went "bad" in Aug 2008. How long can this stay on my report, and am i just doing damage by trying to resolve it at this point?

wtme08's comment was:

Helpful Not Helpful Oct 07, 2013 | Reply |
Comment by
wtme08
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Late Payments:

I had a old (like 2005) car loan where I totaled the car, then was told by the insurance company that they would pay x-amt and i would pay the rest. They took 3 months to pay (i had paid my part), so the loan went to collections, then was coded as a write off AFTER the insurance had paid their part. It now shows as a failure to pay / write off on my credit report.

I tried going though the credit bureaus and they have said i need to contact the lender. The original lender no longer exists and was purchased by ANOTHER lender, and they say that there is nothing I can do to change the status of this.

I have been going in circles trying to get this resolved for YEARS, but am wondering if i should just stop trying. The loan went "bad" in Aug 2008. How long can this stay on my report, and am i just doing damage by trying to resolve it at this point?

wtme08's comment was:

Helpful Not Helpful Oct 07, 2013 | Reply |
Comment by
wtme08
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Helpful to 0 out of 1 people
I had a 740 credit score and had a late payment. I thought the card was paid off, but there was still $3.77 that I owed. When they called they made no mention of a 30 day late payment. I paid the amount and I closed the account which I now learned I shouldn't have done. It made a huge drop in my credit score. I paid down all of my cards in hopes that my score would improve come October and wrote a letter to the creditor to see if the 30 day late could be removed. I'm hoping it helps.

If the creditor doesn't respond by 30 days what am I supposed to do? Any advice would help. Thank you.

I appreciate any advice

jmbloom's comment was:

Helpful Not Helpful Sep 29, 2013 | Reply |
Comment by
jmbloom
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There are several things on my credit that are not mine.

gibarra52's comment was:

Helpful Not Helpful Sep 28, 2013 | Reply |
Comment by
gibarra52
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I had auto-pay misconfigured on a credit card I rarely use (to be fair, the UI on the Capital One side can be misleading). I missed a $15 minimum payment (on a $30 total balance) for over 30-days. It looks like my score took about a 50-75 point dip as a result!

Does anyone know if there is any way to have the bureaus provide exceptions for these kinds of cases? I don't see how missing a payment like that should have THAT much of an impact on a credit score. It's hardly because I was unable to pay.

somnaderi's comment was:

Helpful Not Helpful Sep 27, 2013 | Reply |
Comment by
somnaderi
1 Contribution
0 People Helped
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