Posted on: 24th Mar, 2009 09:44 am
I would like to know a couple of ANSWERS please....I have/had excellent credit but hubby got laid off last year. Things got behind and never before did we have any late payments on house and auto, but due to being laid off we have since had several late payments on house and auto. Some were just over 30 days and some were just under 30 days. I read that if under 60 days I could ask them to clear it off my credit...how feasible is this...every site says something different!!!!!????????
Next, if not then roughly about how long (if all payments are made on-time from now on) will it take to repair the damage? No other loans etc were every late.
Another question is if you are one day late do they report that?
Please help with these questions...I really need answers!
Next, if not then roughly about how long (if all payments are made on-time from now on) will it take to repair the damage? No other loans etc were every late.
Another question is if you are one day late do they report that?
Please help with these questions...I really need answers!
Hello clarksackett,
First I just wanted to point out that you cannot 'repair' credit. Credit history is just that - building your history so that a lender can see how you pay your bills. What history you have today will stay on your credit report for several years.
They (the lender) are especially interested in mortgage loan payments and auto loan payment because they are installment type loans. So being late on any of these loans will affect your credit, credit score and loan decisions.
You may be able to 'remove derogatory information' from your credit report IF you can prove that it is inaccurate information. So if you know that you paid a certain credit card off or on time and they show otherwise, you can provide cancel checks and any other supporting documentation to have that information 'removed from your credit history'.
If you are 31 days late the lender could report it as a 30 day late or show you as a 'slow pay' - but it is up to that particular lender and how they report to the credit bureaus. Either way it will probably affect your credit score.
I suggest you try to get on track right away. Start paying your bills on time and never be late.
Once you start making your payments on time for about 3 -4 months, I would suggest that you go to http://www.annualcreditreport.com and get your FREE credit report to be sure there isn't information on there that is not correct and to check that the lenders are now showing you current. It's also a good idea to get your FICO score.
It does take effort to maintain a good credit history but knowing how and what to do is also a benefit in maintaining your credit history through out your life.
Remember that we are all entitled to a FREE credit report every year and should take advantage of that.
Lynn Brown
Mortgage Professional
Committed to helping you find the solutions
[Link deleted as per forum rules. Thanks.]
First I just wanted to point out that you cannot 'repair' credit. Credit history is just that - building your history so that a lender can see how you pay your bills. What history you have today will stay on your credit report for several years.
They (the lender) are especially interested in mortgage loan payments and auto loan payment because they are installment type loans. So being late on any of these loans will affect your credit, credit score and loan decisions.
You may be able to 'remove derogatory information' from your credit report IF you can prove that it is inaccurate information. So if you know that you paid a certain credit card off or on time and they show otherwise, you can provide cancel checks and any other supporting documentation to have that information 'removed from your credit history'.
If you are 31 days late the lender could report it as a 30 day late or show you as a 'slow pay' - but it is up to that particular lender and how they report to the credit bureaus. Either way it will probably affect your credit score.
I suggest you try to get on track right away. Start paying your bills on time and never be late.
Once you start making your payments on time for about 3 -4 months, I would suggest that you go to http://www.annualcreditreport.com and get your FREE credit report to be sure there isn't information on there that is not correct and to check that the lenders are now showing you current. It's also a good idea to get your FICO score.
It does take effort to maintain a good credit history but knowing how and what to do is also a benefit in maintaining your credit history through out your life.
Remember that we are all entitled to a FREE credit report every year and should take advantage of that.
Lynn Brown
Mortgage Professional
Committed to helping you find the solutions
[Link deleted as per forum rules. Thanks.]