Re: Length of time late payments remain on a credit report?

Posted by Drew (24.59.27.46) on June 24, 2004 at 16:17:17:

In Reply to: Length of time late payments remain on a credit report? posted by Sky on June 24, 2004 at 13:38:19:

I disagree Sky. Late payments don't really count that much in the long term. They count as baddies in the first year or two. After that they don't.

HEre is some good news. We got approved for a home loan mortgage. My husband has a recent foreclosure/repossession on his account and one account in collections that he is disputing. We got removed a charge off that was not his. You would figure the repossession would keep us from getting any kind of loan. No. My credit is excellent. I have a late payment two years old.

Don't count it out. The best thing to do is wait just a bit for the bad stuff to age and get outshadowed by good stuff. Pay on time for the next couple of years. Be good for the next two years. Then apply. When you apply for the loan don't lie about the bad stuff. Just tell what happened in a straight forward honest way. When they ask you for a written account, be honest and straightforward. Don't pass the buck and blame anyone else.

Say I got involved with a debt consolidation company. There were mixups and problems with one of the creditors getting paid on time.

Honesty and straightforwardness is the best policy. Bad credit will not keep you from getting a loan. It will just make it harder. Some mortgage companies though will make you settle your accounts before you can close.

It is not all lost.

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