Qualify with a repo.

[srob67]

Hi all,

     I want to purchase a home in 7/2018 before I have to renew my lease. I have a repo on my credit report from Santander that will be on there for another 2 yrs, I settled with the collection agency, they were nice enough to remove off my credit report. Should I try to get Santander to delete, I know it probably won't happen but should I try or just leave it alone? Any help is greatly appreciated.

[Anonymous]

It never hurts to try for a goodwill delete from the OC if it's been more than a few years and you've made good on it.  Tell them you do want to get a mortgage, you learned your lesson and you've been an exceptional manager of credit and spending.  Try more than once, write a few different VPs or CxOs and see.

Generally speaking mortgage underwriters want to see that you've been a fantastic credit user for 2 years before application.  A repo is likely NOT going to be a barrier, although based on your mortgage FICO scores it may mean paying a higher interest rate or a number of other risk-based costs (fees, points, down payment, etc).

[Anonymous]

I settled on a repo from 2014. I bought a house in July 2017. The mortgage company never said a word about it. My mortgage scores were 672

[cjane1]

Thanks for the info.. Your score is around the same as my husbands but I paid off the settlement off at the beginning of this year.