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1 30 day cc late, will i be able to refi?

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  • 1 30 day cc late, will i be able to refi?

    hi, in january i will be 2 years chapter 7 discharged. i bought a house last year at 11% interest.

    i have 3 credit cards, one of which last month i somehow missed the payment and it showed up as a 30 day late on my credit report.

    the last 2 months i have been late on my mortgage. its due by the first and i have been paying by the 25th.

    my scores are 650 or so. they will go up to 700 when i pay my balances off on my credit cards. i plan to do this in january.

    my ltv is about 90% based on a recent appraisal. will i have a problem refinancing? do they check the specific dates of your mortgage payments? or am i okay as long as i didn't hit 30 days late?

    i am really worrying about this. i hope someone can shed some light.

  • #2
    the only ding i have on my credit report since my bk is the 1- 30 day late. i was so upset over this. i worked very hard to re-establish credit. the main thing i am worried about is whether the specific dates of your mortgage payments are checked. i have to refinance, because this $800 a month payment is getting uncomfortable.

    Comment


    • #3
      My advice on the credit card is to call the credit card company and see if they will remove it. If you forgot to pay it only once it should not show up. Late payments do not show up unless you are more than 30 days late which means you missed two payments.

      So, if in fact you only missed one and then paid it before it was due the next time then they should change it to reflect that.

      As far as the mortgage, when you go to refi they will ask for a report from your current company to verify the recent payment history. Honestly, being 25 days late won't look good, but I cannot say whether it will keep you from refinancing, it might just make it harder to get good terms.

      The most important factor in obtaining credit after a BK is showing a change in financial behavior or status. The best thing you can do now is keep everthing current on a go forward basis to start showing that postive pattern.

      Now, every mortgage co. is different. It is possible that you iwll be able to find one that will work with you. Have you attempted to refi with your current co? If, in fact your credit score goes up to 700 then you may not have a much of an issue, but it is very hard to determine and predict what credit scores will do in response to efforts.

      The best thing you can do for your score at this time is keep your payments current and work on getting that 30 day late off your report.

      Good luck and keep us posted!
      Chapter 7 Pro Se....Discharged Feb. 2006

      Comment


      • #4
        Originally posted by angelaohio View Post
        hi, in january i will be 2 years chapter 7 discharged. i bought a house last year at 11% interest.

        i have 3 credit cards, one of which last month i somehow missed the payment and it showed up as a 30 day late on my credit report.

        the last 2 months i have been late on my mortgage. its due by the first and i have been paying by the 25th.

        my scores are 650 or so. they will go up to 700 when i pay my balances off on my credit cards. i plan to do this in january.

        my ltv is about 90% based on a recent appraisal. will i have a problem refinancing? do they check the specific dates of your mortgage payments? or am i okay as long as i didn't hit 30 days late?

        i am really worrying about this. i hope someone can shed some light.
        It is tough to say with the 3 day late on the report after a bK is does not look good. You may want to check the late payment and make sure you were 30 days. Cindy is right you are basically 2 payments bahind when you are reported 30 days late I used to work at discover and they do not report you unitl you are 30 days past your due date. The mortgage payment being paid late is ok as long as you were not actually 30 days late. You may want to talk with someone next month and see what can be done. about getting out of this loan you have. Do you have a prepayment penalty? If so you may want to wait. Did you put money down on the purchase, how are ou figuring 10% equity in your property.
        Nick Kusan

        Comment


        • #5
          I have 2 accounts with first premier bank and I made 2 payments on one and missed the other somehow. I tried to get them to remove it and they would not. I'm figuring 10% equity based on my balance and my recent appraisal. is that the correct way to figure it?

          I have no prepayment penalty. It is an arm that will reset in feb 2009.

          I'm just really worried about this. I think I can hold on for a couple more months but I have to be able to refi. I heard countrywide is doing alot to help people that are delinquent on their payments like lowering them, restructuring the loan, etc. I'm not late past 30 days though. Should I try calling them now? or wait until i pay my cards off in a month and my score goes up. I know it will hit 700 because that's what it was when my balances were zero. Thanks for all your input!

          Comment


          • #6
            Yes you can. I oopsed and made a late payment. We are talking with a mortgage firm right now about our refi. Our current rate is 10.3% I should have a quote by tomorrow and I will let you know what they come back with. Middle credit score we are refi with is 657.

            I'm going through Edward Jones - I never knew they did morgages until a friend of mine told me she was going through a mutual aquaintance we have.

            We were discharged Jan 06.
            Filed 09/05
            Discarged 1/2/06
            Closed 1/13/06

            Comment


            • #7
              Ok, waiting on TIL but prelim rate is looking like 6.25% at 95% LTV on an FHA. Buying no points.
              Last edited by JeepMom; 01-08-2008, 01:28 PM.
              Filed 09/05
              Discarged 1/2/06
              Closed 1/13/06

              Comment


              • #8
                i'm about to pay off my credit cards and that should get my score back up. as soon as that shows up on my report, i am going to call my current lender and see what they say. i'm with countrywide. hope yours worked out okay jeepmom.

                Comment


                • #9
                  I'd wait a little longer before trying to refi at this time. I know my underwriters would frown on someone that recently filed a BK, and then has back to back lates on a mtg, and then is looking to refi.

                  Mtg lates on your credit report is probably about the worst thing that can hit your report. Trust me I have been in the finance business for years. So hang tight for 6-8 months, then try to refi.
                  NotFun
                  Filed: 10/31/2007
                  341: 12/05/2007
                  Last day for objections: 02/05/2008

                  Comment


                  • #10
                    Originally posted by NotFun View Post
                    I'd wait a little longer before trying to refi at this time. I know my underwriters would frown on someone that recently filed a BK, and then has back to back lates on a mtg, and then is looking to refi.

                    Mtg lates on your credit report is probably about the worst thing that can hit your report. Trust me I have been in the finance business for years. So hang tight for 6-8 months, then try to refi.
                    No one is talking about late mortgage payments, just one late cc payment.
                    Filed 09/05
                    Discarged 1/2/06
                    Closed 1/13/06

                    Comment


                    • #11
                      Originally posted by JeepMom View Post
                      No one is talking about late mortgage payments, just one late cc payment.

                      Oh I'm sorry, was this the first post on this thread? READ EVERYTHING.


                      "Angelaohio"
                      hi, in january i will be 2 years chapter 7 discharged. i bought a house last year at 11% interest.

                      i have 3 credit cards, one of which last month i somehow missed the payment and it showed up as a 30 day late on my credit report.

                      the last 2 months i have been late on my mortgage. its due by the first and i have been paying by the 25th.

                      my scores are 650 or so. they will go up to 700 when i pay my balances off on my credit cards. i plan to do this in january.

                      my ltv is about 90% based on a recent appraisal. will i have a problem refinancing? do they check the specific dates of your mortgage payments? or am i okay as long as i didn't hit 30 days late?

                      i am really worrying about this. i hope someone can shed some light.
                      NotFun
                      Filed: 10/31/2007
                      341: 12/05/2007
                      Last day for objections: 02/05/2008

                      Comment


                      • #12
                        The 30 day late will be ok with an acceptable letter of explanation. If you can show double payments to 1 account that is certainly something that can happen and with a good mortgage broker you should have no problem.

                        Logan

                        Comment


                        • #13
                          Originally posted by angelaohio View Post
                          i'm about to pay off my credit cards and that should get my score back up. as soon as that shows up on my report, i am going to call my current lender and see what they say. i'm with countrywide. hope yours worked out okay jeepmom.
                          You may want to check out with a few other oeople also countrywide (bank of america) is in some turmiol lately and you can usually get a better loan elsewhere.
                          Nick Kusan

                          Comment

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