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Next month I plan to ask NFCU to start the mtg loan process. At the moment, I have no positive open lines of credit, a five year old auto repo and an AU AMEX with perfect payment history but a 45% utilization. If I drop this AU TL I will have absolutely nothing on my credit report except for the one terrible derogatory of a 2009 repo. So, do I leave the AU on my report or have it removed?
Active1181,
First off, thank you for taking the time to respond. I currently have these scores: TU 671, EQ 637 and EX 572. The AMEX is my in-laws and is not my debt in any way. However, thise TL shows perfect decades long credit on their part. The repo has a good chance of going away in that the deficiency amount was alter, as was the DOFA. I am disputing this currently with the CRAs and feel confident it will be deleted by next month. The repo shows a bloated $10,092 and actively reports as late every month even though it is five years old.
We are going for a VA loan if all goes well. My income, bank statements, taes, rental history and years in field are all great, so it is only this last bit of figuring out whether to drop this AU or not. I wanted to do everything before approaching NFCU as they have little tolerance for LOEs from what I have found in researching them as a credit union. I had hoped to get a definitive answer on the boards so I could walk in without raising eyebrows regarding why we needed our in laws help with the AU to begin with.
It sounds like if the AU account was removed, your scores would decrease quite a bit. I'd say stay on it for now, and let an underwriter make the call if they want it removed or not. Doesn't really sound like an ideal situation for NFCU, they tend to be pickier than other VA lenders on some aspects.
Thanks guys I will leave it until my lender tells me to remove it. As far as NFCU goes, I have heard horror stories and amazing success stories. For not unlike FICO, the NFCU tends to keep things mysterious!