Reply
New Contributor
Posts: 71
Registered: ‎02-26-2012
0

$0 balance on really old Providian CO - what will FHA require?

My husband and I are planning on applying for an FHA preapproval in late April. We have been concerned that we will incur more costs at closing than originally planned due to FHA's new rule requiring applicants to pay off any/all collections if the total of all collections is greater than $1000. Information that I previously read about this indicated that this included charge-off accounts. To say the least, this was bad news because I have an old CO CC on my report that dates back to Providian Bank in the 2005 to 2007 era. While this shows as a $0 balance on my report, the CO amount was probably in excess of $2,500-$3,000. Tonight, however; I found two articles posted online this that state that COs with zero dollar balances will NOT have to be paid. This is according to a phone call placed directly from the authoring lender to HUD. http://www.zimbio.com/mortgage+industry/articles/jaBuG7Y0FE1/FHA+new+rules+requires+collection+debts... Can anyone confirm or deny? Thanks!
New Contributor
Posts: 71
Registered: ‎02-26-2012
0

Bump: question for Shane re: $0 balance on really old Providian

 
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
0

Re: Bump: question for Shane re: $0 balance on really old Providian

FICOisa4letterword:

 

I noticed you seem to be having some trouble posting. It is possible to edit your own post if you have posted an incomplete message. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu.  If you have accidentally posted a duplicate message, you can use the “Report Abuse to a Moderator” link to asking the moderation team to remove one for you. To find this link, go to the duplicate post, click on "Options," then select "Report Abuse to a Moderator" from the drop-down menu. If you need any help with anything, let me know.  Thanks for your contribution to the FICO Forums!

 

--fused, myfico moderator

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.