Can i get a loan! As of Feb. 2, i had a score of 789, that is before Countrywide reports my 30 day late in January. my Husband and i are trying to get a construction/perm loan. The mortgage representative pulled a report and it's not on there. But i think it's probably gonna go on next month. Can we even get a loan now, with a 30 day late? i have a 789. my spouse has an 805 but she isn't on the Countrywide mortgage. I thought i enabled an autopay on my home equity account and it didn't register (set it and forget it). They say they can't help me. (its a case of they said/ i said). The moment i found out i paid it (it was 2 o'clock in the morning and i felt like i could of thrown up when i saw the balance). I know it is not their responsibility to notify me, but i didn't get a mailing, an e-mail, or a phone call, it was only by accident that i looked into my bank account and noticed there were no automatic withdrawals. WE have never been late on anything EVER. it's an isolated incident: What can i do? The initial representative that i spoke with 'shut me down" she said the information was accurate, they did not receive payment. Any words of wisdom? 2 questions; 1) how far down will this take my score 2) am i still able to get a loan (it's for a construction/ perm) Sincerely, Michele
Anything over a 720 FICO is unnecessary fluff in a score. (But very nice to look at LOL) Quit stressing. You'll probably lose some points, but you still should be able to get a loan. Worse case, is the underwriter wants a letter of explanation. Be clear, concise, and honest. Overlooked payments do happen to the best of people.
First, where you over 30 days late on the payment? To be reported as "30 days late" you have to be 31-59 days late on the payment. So, as you noted, you would have had to notice "two" payments not withdrawn. You may be okay here... Besides, one 30 day late with your credit scores wil not make that much difference. If you are concerned, dispute the late report on your credit reports when (and if) it hots them.
i was exactly 42 days late. I thought you couldn't get a loan if you have a 30 day late? Does it matter (bad/ worse) that it is the home equity line? I can't thank you enough, i'm really worried we won't be able to secure a loan with this late. Thank you for taking the time to help.
