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02-28-2013 05:43 AM
Makes me wonder if this was part of the reason I was denied last summer.
I filed BK in 2002 and it finally fell off last fall. Now that my file is back in UW I no longer have it reporting.
My scores did drop when it fell off, but since has recovered and im back at the same levels.
02-28-2013 06:12 AM
I currently have 21 tradelines on my report ranging from '05 to the newest one of Dec. '12. Of those 21 accounts 14 have a paid as agreed status. 5 accounts have a status of 120+ days past due and 2 are showing as bad debt/collection. The 7 negatives all have zero balance. The reason there are more than what I previously stated is because of the accounts being transferred or sold.
I have heard that Midland basically laughs at a GW attempt so I have not tried that. I have considered trying it with everything else though.
02-28-2013 06:26 AM
02-28-2013 01:32 PM
I am currently working with a LO that told me I first needed to work on getting into some sort of payment agreement with the outstanding Midland accounts. He said because they were accounts in dispute with a balance showing I would not be able to get approved. I'm guessing next thing he is going to tell me is that I need to get the account in dispute notation taken off those even though they are now showing a zero balance. I believe he is thinking he can get me into an FHA loan. I will definitely keep in mind what you said about completing the requirements and make sure whatever those are I have a more than fair chance of resolving. i will also ask about the underwriting process and see if he knows anything about desktop underwriting.
As far as my current progress on my credit repair attempts, I recently spoke with one of my collection creditors and they told me that will never delete an account unless there is a dispute and they feel it was an error on their part. Apparently I need to change my approach. Instead of being candid and admitting to my mistake and trying to get a GW drop I need to dispute it and try my best to make it look like it was their fault. I had a little more success with another creditor and I feel that I am close to getting them to remove from the bureaus.
I haven't even tried anything with Midland since my initial dispute. I realize that if I try and dispute again this will make it harder and longer in the underwriting process. Decisions, decisons...Do I keep trying to clean up my report now or leave everything alone and try to get approved? I haven't completely given up hope that I can get some more things dropped from my report.
I 'm not familiar with the NACA loan so I will have to research that as well. I guess I will just have to wait and see what he says and see what makes sense. I'm looknig to finance a max of 150k.