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credit score help

deerhntr
hello all, i need some advice on my credit rating....I was out of work for a bit over a month and fell 30-60 days past due on three of my credit card accounts and was wondering how many points i lost on my fico score due to that. Now that i am back to work i am all caught up, while going through this i focused on making my truck payment which was not deliquent at all, how can i get these three deliquencys removed or at least show an explanation so it wont hinder me when i buy a home in 3-6 months? should i not even worry about it? your thoughts. I was hovering around 700 before this happend, i am waiting to order a copy of my credit reports due to the inquiry (loosing more points).
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Comments

9 comments

Date Votes
  • Marc1301
    File a statement with all 3 credit agencies, explaining your short term problem.
    It won't raise your FICO, but will let anyone looking at your report see that a "temporary" issue took place, and that you appear to be an honest person.
    They will interpret it accordingly, based upon their standards.
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  • JackBwr
    You can check your own credit score as many times as you like and it does not show up or impact your score.

    I really don't know how much of an impact 2 months late on a few cards will have. It's good that you're back on track though. Each one will just have two yellow bars that say 30 and then 60, but then should go back to green 'ok'. And it will say current with the balance.

    Having the balances may do more damage than the late payments in all honesty. When I got my house, I had some high balances and a very short credit history. It really limited the amount of money they would loan me for a house. You would laugh if I told you.

    I don't know how they will handle it now though. I'd like to say it shouldn't hurt you too bad but if it jacks your rate up by 1% for a $250,000, 30 year loan, it may cost you a lot in the long run.

    The late payments automatically disappear after 7 years, is what I've been told. I doubt your FICO score dropped by any more than a few points. I can tell you for sure that it takes A LOT to move it back any amount in the positive direction though.
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  • jwb267
    double your payment if you can or even add to it. it will help them to understand it was only tempoary
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  • JustC
    also,..ditch the cards except for maybe 2. Having multiple credit cards actually HURTS your credit score if you have too many. Stick with 2 cards or 3 max.
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  • ripley16
    If you fell behind just this once there will be little impact IF your prior history is clean. Hovering around 700 means you may dip to below 680 and that is a threshold point for mortgages. You picked a really bad time to miss, as lenders are tightening up on their credit customers.

    Checking your credit does not impact your rating. Applying for credit does...be judicious in that. If you are soon to apply for a mortgage loan you may want to pay off some small debt balances. Are you using https://www.annualcreditreport.com/cra/index.jsp to get your three FREE credit reports per year, (six if you're married)?

    Good luck.
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  • tsavo303
    Justin, it hurts your score to close accounts
    his debt ratios will go thru the roof if he keeps open those with a balance and close the 0 balance
    www.clarkhoward.com for more info
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  • SCorvers
    Pay'em all off and cut them up. Don't worry about a friggin' credit score. Keep a small loan going with your credit union if you want to have a "credit history".
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  • deerhntr
    thanks for the insight guys, and I agree with Scorvers avice on cutting them up and not dealing with credit scores ( I wish i could [:)]) But i am a working man and in order for me to purchase a Home I need to mortgage
    it, the average home price in my neck of the woods in a low crime good school area is in the low to mid $400's.
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  • SCorvers
    Agin'. Cut'em up. Use your CU to finance the house. They will normally finance 80-85% of the appraised value. You need to come up with the other 15-20%. Financed my first house with a friends wife who was a mortgage banker. They look hard at your liquid assests (think SAVINGS) and record of on time mortgage / rent payments.
    Believe me when I say I walk in your shoes. My collar is blue and my neck red.3 rug rats in private skule and trying to stay healthy for at least 40 more years. Live smartly and stay out of debt as much as possible. Think where you wanna be 20 years down the road. Planning for retirement or worrying about paying bills?
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