One more thing.. I PIF during the loan process because I wasn't aware it needed to be done. We were preapproved with the charge off so we thought we were good to go. The underwriter kept sending our file back to fix things. If you are not already in the process of escrow then talk with another loan officer to see if you need to PIF. I needed to raise my credit score and keep my DTI low. We were applying for a conventional loan and our requirements were strict. I only did it because it was necessary at the time and that was the only thing that could raise my score to 680 IN DAYS since my score was the lower of the two. You actually might be fine but always ask the loan officer why he wants you to PIF and if you don't PIF how will it affect your loan. You might find out it won't affect it that much or even at all. He might be just trying to predict what the underwriter might question.
