No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Okay I will attempt to make this quick, below is my information.
112K Income Employed
Credit Score 623 TU, 610, Ex, 643 FIco
I have 6 baddies, all paid except
2008 Repo shows as a Charge Off of 17,420, Credit Union updates every month... Not dropping off until 5/2015
Here are my questions, will the underwritter make me settle? Will I even qualify? Should I wait?
All assistance appreciated. Thanks so much!!
I was told by my LO that if the debt/baddie is reporting every month it would need to be paid. Your credit score will not improve enough with the monthly reporting hitting your credit. What type of loan you are trying to get? CONV, FHA, etc?? Your income looks good. Do you have any other debts other than the old charge off. You may have better luck with FHA if you settle. FHA have looser guildlines, but I read they will be tightening them in October. So, speak to a LO about FHA and your scenario and see what he/she suggests.
Best,
cocomadd wrote:
I was told by my LO that if the debt/baddie is reporting every month it would need to be paid. Your credit score will not improve enough with the monthly reporting hitting your credit. What type of loan you are trying to get? CONV, FHA, etc?? Your income looks good. Do you have any other debts other than the old charge off. You may have better luck with FHA if you settle. FHA have looser guildlines, but I read they will be tightening them in October. So, speak to a LO about FHA and your scenario and see what he/she suggests.
Best,
Thanks so much for your assistance, 111 read but no other responses.
I am trying to get a VA or FHA loan. The below are all my debts and I have not spoken to a LO because I did not want the ping against my credit and they say no, not to mention I have quite a few inquiries (17) to be exact!!
Credit Cards Total 6200
Car Payment 502
Child Support 600
Student Loans 52420 Payment 212
Thansk for any help!!
Most likely, they will make you pay it off, due to such a high balance and it's reporting every month. If you want to try to settle, it's probably better to settle before you get a mortgage pull.
My Dh had a repo with charge off balance of 23k, we were able to settle with them for 2500. We settled so low due to us writting them a fancy letter expalining all the laws that were broken during the repo. Maybe research laws in your state and see if any were broken?
@RR5 wrote:Most likely, they will make you pay it off, due to such a high balance and it's reporting every month. If you want to try to settle, it's probably better to settle before you get a mortgage pull.
My Dh had a repo with charge off balance of 23k, we were able to settle with them for 2500. We settled so low due to us writting them a fancy letter expalining all the laws that were broken during the repo. Maybe research laws in your state and see if any were broken?
Thanks for the advice. I will call tomorrow and ask for a settlement. They did me so wrong and a credit union to boot, I was only 2 months behind but it waqs in 2008 when the auto industry was going through so many problems. I wonder what laws they could have broken, one they picked the car up in November and did not send to auction until Sept of the next year, it was a crazy experience!! Should I get a lawyer to work on that one?