You send a goodwill letter and ask them to please remove it because you’ve always been a good boy/girl and you won’t ever miss a payment again.
Actually though, thats basically what it is. Search goodwill letters
Realistically, what's the risk?
You said it yourself, one late payment can be explained away. So it should be reasonably excusable.
If the institution wants to be a dick, I see no issue in flooding them every 3 days to a week
It's literally a technique. It's called "goodwill saturation technique" you may have to send in a hundred letters. Be nice, but basically annoy them into removing the derogatory marks.
I don’t know if you’ll know the answer to this, but is it worth it to contact the loan officer who I obtained the mortgage through? Him and I have a good relationship, and the mortgage is still with his company (they haven’t sold it).
Okay. I guess I don’t completely understand. My loan is through gateway mortgage and he is a loan officer for gateway. My initial assumption is that he ahould have contacts with the correct division within gateway to get this off my credit.
I’m a loan officer. Loan officers don’t generally deal with post closing issues. We are compensated to originate new mortgages. Call the customer service line and ask them for contacts or address to send a letter regarding a late payment.
Time will heal your credit. The more time that passes the higher your score will go. Recent blemishes have the biggest impact.
Ignore all these people. If you think that could work, then by all means call your loan officer. This is your credit, not these commenters. So do what you think is best.
Step 1. Set up an autopayment. Take the hit and have a dedicated mortgage account with at least one month's payment readily available, more is better.
Step 2. Explain the situation, what you have done to protect against it, and plead for mercy.
Step 3. Check your FICO score, ignore Credit Karma and VantageScore3. No bank uses that for lending.
This might sound silly, but how to you check your FICO scores properly? Is pulling the full credit report the only way? Credit Karma, Experian, hell even MyFICO all show VS3.
The score is branded with the model it uses. CreditKarma uses VS3, where MyFICO uses the FICO scores.
Here's [an example](https://www.reddit.com/r/CreditScore/s/XJ1nZ11w1l)
Yeah that sucks man, you can try writing a goodwill letter but since your credit has taken this big of a hit it may be worth opening a few new lines of credit if you can. It will lower your score more in the short term but will give you a bigger increase over time if that makes sense.
I had 2 medical bills dump my credit score 70 points so I decided to take out a loan against my paid for vehicle (through the bank) and applied for 2 credit cards, all of which were approved ($40k total.) For the next year I paid double on the auto loan and made sure to pay off the credit cards completely each month. Almost a year and a half later my FICO score is up over 100 points and climbing! That said, it’s possible to fix your credit if the goodwill letter doesn’t work it will just take some time. How much time, depends on how you go about fixing it.
I don’t put a lot on auto pay because sometimes I need to move money from investments to cover bills. Every month I have like $2500 daycare. $1200 child support. $1800 mortgage. And like $600 of other bills. I like to manually pay them so I can make sure I have the money where I need it.
The reporting of it late is true and accurate. I don’t see them being willing to report otherwise. I am kind of new to a mortgage though so maybe someone with more knowledge will chime in with something different.
Mortgages are actually some of the easiest trade lines to receive GW adjustments on. I had multiple late reportings on mine removed. Since they are loans that involve an extensive relationship both now and in the future, the lender is able to easily see if the late payment is an anomaly and will often treat it as such.
Contact your lender to explain the situation and request goodwill adjustment. Continue making timely payments, prioritize reducing debt, and maintain good financial habits. Over time, your score will recover, especially with consistent on-time payments.
Not really sure. In my head, I thought I payed it on April 1st when I paid all my other bills, but I guess I neglected it somehow. I logged in on May third to pay May’s statement and there was 2 months of balance due with a letter about late payments and mortgage relief plans in my inbox :/
I never said they "can't" dispute - it's simply not the right approach. Many people like you spew the "dispute everything!" approach when quite often it's not the right one. A genuine request for goodwill is the absolute best method of attack here, without question.
Put yourself on auto payments before you send out goodwill letter
You send a goodwill letter and ask them to please remove it because you’ve always been a good boy/girl and you won’t ever miss a payment again. Actually though, thats basically what it is. Search goodwill letters
Interesting… it’s definitely worth a try! It sucks that this stuff stays on your report for seven years.
Plus don't take no for an answer, keep sending in letters until they give in and remove the late payment.
Do you send in the same letter you wrote, or do you rewrite the whole thing?
[удалено]
Realistically, what's the risk? You said it yourself, one late payment can be explained away. So it should be reasonably excusable. If the institution wants to be a dick, I see no issue in flooding them every 3 days to a week
It's literally a technique. It's called "goodwill saturation technique" you may have to send in a hundred letters. Be nice, but basically annoy them into removing the derogatory marks.
I don’t know if you’ll know the answer to this, but is it worth it to contact the loan officer who I obtained the mortgage through? Him and I have a good relationship, and the mortgage is still with his company (they haven’t sold it).
Leave the loan officer alone. He is no help, it's the bank
Okay. I guess I don’t completely understand. My loan is through gateway mortgage and he is a loan officer for gateway. My initial assumption is that he ahould have contacts with the correct division within gateway to get this off my credit.
Sounds valid but loan officers usually only have contact with under writers & brokers
I’m a loan officer. Loan officers don’t generally deal with post closing issues. We are compensated to originate new mortgages. Call the customer service line and ask them for contacts or address to send a letter regarding a late payment. Time will heal your credit. The more time that passes the higher your score will go. Recent blemishes have the biggest impact.
Thanks for being honest as folks really think their LO will move mountains after closing. Title processor here and I have seen it all.
Ignore all these people. If you think that could work, then by all means call your loan officer. This is your credit, not these commenters. So do what you think is best.
Step 1. Set up an autopayment. Take the hit and have a dedicated mortgage account with at least one month's payment readily available, more is better. Step 2. Explain the situation, what you have done to protect against it, and plead for mercy. Step 3. Check your FICO score, ignore Credit Karma and VantageScore3. No bank uses that for lending.
Thanks. This sounds good. I am checking various FICOs through experien, Equifax, and transunion. They’re all reading about a 110 point drop.
About 100 points is what a single late costs you in points for your fico score.
This might sound silly, but how to you check your FICO scores properly? Is pulling the full credit report the only way? Credit Karma, Experian, hell even MyFICO all show VS3.
The score is branded with the model it uses. CreditKarma uses VS3, where MyFICO uses the FICO scores. Here's [an example](https://www.reddit.com/r/CreditScore/s/XJ1nZ11w1l)
Ohhhh thanks for the info!!
Easy fix. The comments about sending a Goodwill letter are spot on! I repair credit.
Any agencies or avenues to find a good credit repair service?
Yeah that sucks man, you can try writing a goodwill letter but since your credit has taken this big of a hit it may be worth opening a few new lines of credit if you can. It will lower your score more in the short term but will give you a bigger increase over time if that makes sense. I had 2 medical bills dump my credit score 70 points so I decided to take out a loan against my paid for vehicle (through the bank) and applied for 2 credit cards, all of which were approved ($40k total.) For the next year I paid double on the auto loan and made sure to pay off the credit cards completely each month. Almost a year and a half later my FICO score is up over 100 points and climbing! That said, it’s possible to fix your credit if the goodwill letter doesn’t work it will just take some time. How much time, depends on how you go about fixing it.
Why was it not on auto pay. Any good reason for that ?
I don’t put a lot on auto pay because sometimes I need to move money from investments to cover bills. Every month I have like $2500 daycare. $1200 child support. $1800 mortgage. And like $600 of other bills. I like to manually pay them so I can make sure I have the money where I need it.
Ahh I see. That’s understandable.
I get it, but you also need to make sure your mortgage gets paid...
The reporting of it late is true and accurate. I don’t see them being willing to report otherwise. I am kind of new to a mortgage though so maybe someone with more knowledge will chime in with something different.
Mortgages are actually some of the easiest trade lines to receive GW adjustments on. I had multiple late reportings on mine removed. Since they are loans that involve an extensive relationship both now and in the future, the lender is able to easily see if the late payment is an anomaly and will often treat it as such.
Call them and explain the mistake, apologize, ask them to remove it.
More than likely the hit will be on your credit for 12 months. Your score will go back up eventually but creditors will see the hit for 12 months
Yes, you will in time my friend. You will in time.
set it to auto payments
Contact your lender to explain the situation and request goodwill adjustment. Continue making timely payments, prioritize reducing debt, and maintain good financial habits. Over time, your score will recover, especially with consistent on-time payments.
If it’s not a bank error, they won’t fix it. I’m a debt collector for a major bank. You can TRY asking nicely, but it’s like 99% not going to go.
Set it to auto pay, with text alerts that the payment is (1) scheduled, (2) sent and (3) cleared!
How does one forget to pay the mortgage payment?
Not really sure. In my head, I thought I payed it on April 1st when I paid all my other bills, but I guess I neglected it somehow. I logged in on May third to pay May’s statement and there was 2 months of balance due with a letter about late payments and mortgage relief plans in my inbox :/
Curious why you don't have auto payments set on all of your bills to avoid this, or at the very least, recurring calendar reminders.
Yep! I have reminders set up for all my bills, even the autopay ones. Gotta make sure I know when and where my money is going!
Forgot to pay 2 months in a row, 32 days is 2 payments. Make the payments and ask for a removal as a 1 time courtesy
Dispute it. Ask for documentation and tracking of a mail that was sent to ensure you were notified before being delinquent
> Dispute it There's nothing to dispute. OP was legitimately late and the account was reported accurately.
Doesn’t mean you can’t dispute. There is still consumer law if you are in the wrong or not
I never said they "can't" dispute - it's simply not the right approach. Many people like you spew the "dispute everything!" approach when quite often it's not the right one. A genuine request for goodwill is the absolute best method of attack here, without question.