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Working on credit

Member

Working on credit

Hi there - new to the board!
 
In December my husband and I are buying the house we're currenting renting. My FICO score is 656 and his is 720. We're working on paying down on some revolving debt prior to securing our mortgage.
 
I have a question about my credit report...back in 2003 I had 3 charged off credit accounts that were sold to collection agencies (2 credit accounts were Chase, one was NextCard). I would like to be able to settled them but since I've moved and the collection agencies haven't found my new address I have no idea who they have been sold to. Any ideas how we pay those off?
 
Also...if my husband has the higher score does it make more sense for him to just get the loan? I make about $5,000 more than him a year.
 
Thanks for any advice you can give me!
Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: Working on credit

Pull your CR!    all the info should be on there. Keep in mind you SOL when checking the DOFD  DOLA.
Message 2 of 6
Member

Re: Working on credit

The SOL is 4 years...DOLA on 3 of them is Nov 2002, Jan 2003 and Feb 2003. Their balances are still showing as "$6,395 past due on 3 accounts."
 
So I'm not liable to pay these due to SOL? But how do I get that amount past due off of my report? Write a GW?
Message 3 of 6
Member

Re: Working on credit

BUMP
Message 4 of 6
Valued Contributor

Re: Working on credit

Offer them a PFD... since past SOL and well into CRTP... maybe 15% to start and let them counter offer if they want to.  Do  NOT mention buying a house - they will hold you hostage.  It is solely to rid your repoot of the debt.
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 5 of 6
Regular Contributor

Re: Working on credit

Also DO NOT just pay them so they show as paid.  First, your mortgage lender MAY NOT require they be paid off (this is a very common misconception), and even if they do, they can often be paid at closing of the loan.  It is VERY POSSIBLE that just paying them will update your Date of Last Activity and will cause your score to go DOWN!!! 
 
Now, of course if you can get them to PFD and delete, that is ALWAYS the best.....but otherwise, work with your mortgage broker or lender to determine the best course of action.
Message 6 of 6