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Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
So you got preapproved with a 120+ day late on a revolving account on your credit report? Is it truly a Charge Off or a collection? Usually a charge off occurs after being seriously delinquent on a account for an extended period of time. The creditor then wipes the debt off their books and stops trying to collect. Many times after a CO, the creditor sells the debt to a collection agency. So the next thing that could happen is a collection account could pop up on your credit report. This will really drop your score if it hasn't already took a considerable hit from the CO.
Have you checked your credit score on myfico since the CO reported? If you qualify with a mid score of less than 640, the lender typically makes you jump through more hoops to close. This new CO can possibly cause major issues in underwriting. Could you explain a little bit more about what it is for and the date of first delinquency? It is very likely that you will need to pay it and get it deleted...not just pay it.
Have you checked your credit score on myfico since the CO reported? If you qualify with a mid score of less than 640, the lender typically makes you jump through more hoops to close. This new CO can possibly cause major issues in underwriting. Could you explain a little bit more about what it is for and the date of first delinquency? It is very likely that you will need to pay it and get it deleted...not just pay it.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
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