dodgers24 wrote:I am about to re-fi my mortgage and in the process learned AMEX (correctly) reported a single late payment that is adversely impacting my credit score. Does anyone have any experience approaching AMEX about removing this? Even better has anyone had any success doing this? The payment was 30 days late and was from May of this year. I am a 20 year AMEX member, with only this single blemish on my credit. Thanks in advance for any help you can provide.
What are your scores?
What is your timetable to get the ReFi completed?
As previously stated, it's not likely that the single late payment will be removed.
That said, it's also possible that the mortgage lender may be willing to overlook a single blemish on your record. In the past, while rebuilding, I had some late payments/30 days late. It wasn't a lot of them, but enough to compromise my getting a better mortgage rate. The broker/lender that I was using requested a written statement from me, detailing the circumstances of the late payments. I put together a written statement and was able to get the better rate (at that time), based on the explanation along with my credit scores at the time.
I bring this up to encourage you to talk to your broker/lender and see if an explanation of the single late could result in a better mortgage interest rate, rather than focusing on getting the blemish removed. Time is your ally; at it progresses, the single blemish will mean less and less.