Late payments and getting mortgage

Discussion in 'Credit Talk' started by cosjef, Jun 5, 2001.

  1. cosjef

    cosjef Well-Known Member

    I have approximately 6 (mostly 30-day) lates from 1995-1997 on 4 different cards. I know these likely impact FICO score, but will a mortgage lender give them alot of weight given that they are many years old? Much of what I read states you cannot have any lates/blemishes in the last two years to secure a decent loan. That seems to exclude me.

    Has anyone recently gone through the mortgage process that can speak to this? I need to know how much damage these lates will cause me.
  2. Maer

    Maer Well-Known Member

    A friend of mine bought a house a few months ago. She had about 10 (30 day) lates on her credit report. I believe a couple were even within the last 2 years. All she had to do was write a letter of explanation for each and every one of them.

    Also, they reviewed a couple months worth of bank statements and she had some returned checks on there. She also had to write a letter of explanation for those.
  3. cosjef

    cosjef Well-Known Member

    Thanks. Who did she write these letters to? Was it a personal statement placed into her credit file, or were the letters to the mortgage broker?
  4. Maer

    Maer Well-Known Member

    The letters had to be written to the mortgage broker. I'm not sure where it went from there.

    I asked her today exactly what she had to say. It was just a real simple she got behind due to whatever (she had to keep giving different reasons) and then quickly caught back up

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