Missed payment on billing cycle, impact on approved loan? (loan officer, credit card, close)

[psychofan]

So we just got approved for a $465K loan for a new home (putting down 20%) that will close in Nov/Dec. Found out yesterday that we had missed a Kohls $45 charge payment that had lapsed by two billing cycles (so with penalty and interest, it became $85 total). This lapse was due to not receiving any electronic notification of payment due, so we stupidly forgot about that purchase (I have since switched back to paper billing). Anyway, spoke with Kohls and they credit us $40 back, but they said their system automatically reports as soon as a billing cycle goes unpaid and cannot undo it.

Question is how much of an impact will this lapse have on our credit and approved loan? This is our first ever missed payment and our credit scores prior to this are 808 and 760 for an average of 780.

Are there any actions we should take, i.e., contact loan officer, follow up with Kohls, etc.?

[janalynn]

They don't average your 3 scores, they actually use the middle score. I doubt it will hurt that much because it's a store credit card and you have great credit otherwise.

I don't believe that Kohl's can't undo it. You can certainly try to contact Kohl's again and plead your case - talk to as many people as it takes if you want until you get the really nice and compassionate one. Tell them your whole circumstance. Whatever you do, make sure you don't DISPUTE the late item and make sure they don't write that. Having a 'dispute' on your report while going through the loan process slows everything down.

You can also talk to your loan officer, but I wouldn't totally panic. The only thing that really stinks is that those who have great credit get hit harder in losing points by the smallest things, than by those with lower scores.

Congrats on your new home.