As the title says, in preparation for buying a home in the next few years, I’ve had my credit information released by the three major companies. I’ve already received it from the CIC and JICC, and currently waiting on verification from the JBA.
I had heard a disconcerting story from a realtor that if you have \*ever\* been late on your credit card payments, at the very least in the last 10 years or more, it would seriously affect your loan prospects. We were rather concerned about this, as when my wife and I had just married just short of decade ago, money was tight and there were several times that we were a month late on our card payments, or used cashing.
However, all the credit bureaus seem to indicate that such records are only held for 5 years. Sure enough, in the information I got released from the CIC and JICC, it has records of my various cards, but showed that they had been paid off each month, with no mention of late payments anywhere. (If in the last 5 years, there probably are no late payments.)
If there was some issue to be flagged with my credit history, wouldn’t it be listed here? Was the realtor exaggerating, or is there some totally different index used?
Thanks for any insight I could get on this.
by PhaseSnake