Do i even stand a chance?

[Anonymous]

My current fico score range is 620-640. I have a checkered credit card history (4 chargeoffs in 2006) 2 of which have been paid back, other 2 are just about past SOL so i will then negotiate for tradeline removal. 

In addition, I lost my job and had about a good solid year and a half where my car payment was always late. I could not catch up on my salary at the time, and so every month was consistently late. As shown below. Since Mar 2008 my credit has been spotless.

Do i stand a snowballs chance in hell of being approved?  Or is it too soon with this history to even waste my time?

30 days late 60 days late

12 times (Mar 2008, Feb 2008, Oct 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Sep 2006, Jun 2006, May 2006, Mar 2006)

9 times (Nov 2007, Aug 2007, Jul 2007, Jun 2007, May 2007, Oct 2006, Aug 2006, Jul 2006, Apr 2006)

[Anonymous]

Have you developed some new credit accounts that are all in good standing for at least 1 year (preferably 2)?  That is a big thing when they see that kind of repetetive lates.  Also, have you built up some cash reserves.  THose are two big things they are going to want to see.  Not just that you have no lates since then (because maybe you have had no credit since then), but good solid credit use since the issue as well as good financial planning (reserves)

[ShanetheMortgageMan]

mickie gave you some good advice, as long as you have maintained good on time payment history since the string of car lates, it's been nearly 2 full years, so your credit should be in good shape to qualify.  Since they are older/approaching their SOL (something an underwriter actually does consider) the charge-offs that aren't paid would likely be able to remain unpaid for loan approval as well.

[Anonymous]

THese charge offs have since gone to junkk debt buyers who are reporting... is it the same case with SOL past?  THat they are not weighed as heavily?

If I were to print my CR from myfico and take it in to a loan officer, would they be able to give me an accurate "appraisal" or would they just throw stuff out there since they have no true role in the approval process?

[ShanetheMortgageMan]

The charge-offs being re-sold to a new collection agency would be treated by underwriting as whenever it was sent to the collection agency, so if it was recent an underwriter may be reluctant to approve you.  If you have a letter from the collection agency acknowledging the original debt they are collecting that would help an underwriter make a connection so it wouldn't be as severe.

You can take your myFICO.com report and ask for a loan officer to review it but myFICO.com reports aren't in the tri-merge format that mortgage companies need so a lot of the information appears quite different when the credit report is eventually run, plus there is the 3rd bureau that you aren't able to get from myFICO.com that is analyzed by underwriting as well.  So while it's a good start to figuring things out, no one issues an approval, pre-qualification, or pre-approval based on one.