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.
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.
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?
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
