1 public record on just one CA..

[Anonymous]

Will one Public Record effect my chances of qualifying for a 150,000-175,000.00 mortage? The Public record is for an unpaid credit card that i opened in 1999. The balance is about 3200.00 on it but at the same time, i have accounts in collections that equel the same amount. It was reported to TU back in 2006 and will not be removed until 2013. My score at TU is about 550 but my other scores are 620 EX and 660 EQ. So my question is, is it possible to qualify for this mortgage even though with a public record on just one credit report since some lenders just take the middle score of all 3 credit bereaus?

*note- I've been turned down for a residential lease 3 times last year in the summer. Possibly because of this.

Thanks

Greg

[Anonymous]

Bump. Anyone?

[ShanetheMortgageMan]

Hi Greg, is the public record a judgment?  If so, it will be required to be paid before, or through the closing on a mortgage.

To determine if you would qualify for $150-175k mortgage, I would need to know your monthly income, how long you've been on the job, and any monthly debt payments you have on credit cards, auto's, student loans, etc.  That information is needed to calculate your debt to income ratio.

Do you have any reserves/assets?  Those can be used as compensating factors on FHA (which requires 3% down) and are often a requirement on conventional financing.