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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012

Charge off question

Can somebody explain to me the effect of certain charge offs on loan approval? I have two CC charge offs and one from Verizon ( utility) ALL are paid and were charged off in 2008/09. At the request of our current LO we contacted a credit counselor back in March who advised us to dispute these accts. they were all verified and therefore the reporting date is now 4/12. Could this be why our LO is struggling with getting our loan approved? These were all on the report he used to pre approve us but now there seem to be issues.....he can't really tell me specifics for whatever reason so I am trying to figure things out on my own.
Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Regular Contributor
AJC1987
Posts: 130
Registered: ‎03-29-2009

Re: Charge off question

Does it say "in dispute" in your reports? I know that is a big problem when it comes to loan approval...

Are the charge offs paid?

Starting Score: 570
Current Score: EQF: 756.... 10.25.2012 TU: 759.....10.25.2012 EXP: 744 (vantage score)..... 10.25.2012
Closed on first house! 12.10.12

Goal Score: 750


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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012

Re: Charge off question

Paid and not in dispute.
Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Charge off question

Shouldn't be a problem since the are paid and old...Before I applied for my loan I paid my AMEX CO and the updated my CRs with CO notations for the 7 mo prior. I have no idea why only the previous 7 months and not further back. My LO briefly asked me about it but it was never an issue. I did an FHA though.

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Regular Contributor
vabound
Posts: 147
Registered: ‎03-21-2012

Re: Charge off question


beb86 wrote:

Shouldn't be a problem since the are paid and old...Before I applied for my loan I paid my AMEX CO and the updated my CRs with CO notations for the 7 mo prior. I have no idea why only the previous 7 months and not further back. My LO briefly asked me about it but it was never an issue. I did an FHA though.


spoke with a new LO about this today and just as you said, he asked about them but wasn't concerned since they are all paid.  YAY

Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull)
Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull)
Goal:700 across the board

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