02-06-2013 02:35 PM
I think its because of the large amount of Charge offs that is giving you an issue, If you had a charge off less than $1000 they would have slide, but two is pushing it. dont get discouraged, each lender is different.
02-06-2013 02:37 PM
I just realized the year. You might have hope those CO's were from 2006 to 2007, w hich would technically be in most states passed the SOL. It depends on the DOFD. One of them could fall off some time this year. The other you would have to wait in 2007. TL stay on your credit report for 7 years plus the 180 days.
02-06-2013 02:38 PM
They are not old now since they have been paying on em.
okay I read further, yeah you re-started the aging process.
02-06-2013 07:10 PM
Ugh!! I wish we wouldve found this board before we started paying on these, OMG . what did we do to ourselves?!?!?
One lender suggested that I apply on my own for the mortgage. what do u guys think? My income alone is only about 55K, including my 1099 independent contractor job. DH makes about 18K a year. Without his income, we'll be qualified for less of a house, which of course, no one wants.... IDK what to do. .. any advice?
Honestly, now DH is beyond discouraged and wants to quit the whole process.
Is it this stressful for anyone else's marraige????
02-07-2013 05:10 AM - edited 02-07-2013 11:58 AM
UPDATE: so after a bit more digging, I've found out that the two COs were originally 7K and 10K but have grown over time with the CAs. The expected fall off dates for these accounts is in the Fall (of this year) -- DH and I talked it over and we think a good plan is to keep up with our payment plans with the CAs until they drop off (since we apparently re-aged the accts), after they fall off then we offer $ in the ballpark of the original balances for them to close the Accts as PIF, and then take 6-8 months to save 3-5% for downpayment to buy a SF home in 2014.
Editted for Typos incurred on my Smart Phone -- darn you, auto-correct!!
02-07-2013 11:33 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.