If a mortgage is paid of by refinancing it will it still stay on the report all together with the late? If so is it easier getting it deleted? I'd think it would be easier cause the company might not want to bother validating.
Re: late stays after mrtg refi or n If a mortgage is refinanced, then the old mortgage will show with a 0 balance. The lates will drop off when they are 7 years old, and since the mortgage (without lates) would be considered a good account, in theory it can be reported as a good paid account for 10 years. Does this mortgage have many lates on it, and how old are they. I'm asking this because the plusses of the paid in full / paid off mortgage may help your score enough to more than cover the lates especially if the lates are old. You can always try to goodwill the lates, or possibly even try a PFB. If you're talking about 1 or perhaps even 2 "30 day late" notations then it probably isn't hurting you as much as you think. Now if you have "60 day lates" or longer then that might be a different story. Also, a late from 4 years ago on a paid accont with no other derogs will probably (assuming an actual human is looking at an app) not hurt any bit. If you start trying to dispute the lates with the credit reporting agency, expect a definite possability that the entire tradeline may get deleted, and you will never get it back. I'd just look at going through the original mortgage holder with goodwill / PFB to see if you can get it cleared off, otherwise live with it. Again, if you have more than 2 lates, or if you have a 60 + day late notation your best bet will probably be to try and get the entire tradeline deleted. ChrisB
Re: late stays after mrtg refi or n One 30 day late last May. I tried goodwill, but no go. Mortgage is from June 2001. I had a hard money first for a year prior to that, but it was not reported. (The place was a HUD fixer and a 75 year old house to begin with so I couldn't get anyone else to finance it. Refi was easier.) Thanks
Re: Re: late stays after mrtg refi A single 30 day late isn't too bad, it's only 5 months old right now. If it hits at least 1-2 years old it should have basically no impact. I'm going to assume that this is probably the only baddie you still have showing which is why you're concerned with it. If you aren't planning on any major purchases (new car, another home) my opinion is to not worry about it too much. Have you tried a PFB?
Re: Re: late stays after mrtg refi It's the first and only baddie I have EVER had. Planing to refi and get a HELOC on top of that in 1 to 3 months once I raise the scores, which are ~608 because of very high utilization ratio, by paying off existing cards. Haven't tried PFB. I'm thinking about disputing it right before applying because I red that doing that immediately raises your score at least for the time of investigation which is all I need to place applications. I'm kind of scared to do it because I was borderline late a few times with the same company and I'm afraid they would post more lates if I try to dispute after unsuccessful goodwill letter & possibly PFB. Plus the company is not on PFB.
