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04-16-2014 07:51 AM
04-16-2014 11:10 AM - edited 10-12-2015 06:38 PM
Me and my wife just got a mortgage for $325,000 the senior loan officer pulled a factual report on me and he saw a unpaid CC in collections from 15 yrs ago. It was for $565 luckily the underwriter didn't care. Unpaid debt never goes away!!!!!
Then that account slipped thru the cracks. I have over 70K in unpaid COs BK over the years and unpaid and not a single 1 shows as they are all past 10 yrs. The full factual report by the way has nothing to do with collecting info on unpaid debts that may or may not exceed the CRTP but an in depth exam, verification and compilation of what is being reported on your CRs... Very few use a FF report they are expensive and its only allowed on loans over 150K. Its a question you should ask a mortgage lender prior to apping and if they intended to run one find someone else...
04-16-2014 11:55 AM
Yes, you're right Gdale. I just spoke to a rep at EX this week asking about a collection account for which they granted early exclusion. It was unpaid at the time of exclusion and later PIF. I was under the assumption that the account would stay on my CR (just not shown with a simple pull), so I wanted to see about letting them know it was paid.
Anyway, she told me the account was not on my CR. She went on to explain that after an account reaches it's CRTP, they delete it!
04-16-2014 02:24 PM
Thanks for the input everyone. It makes me nervous that these accounts may show up to haunt me in the future.
04-18-2014 05:01 AM
04-18-2014 01:10 PM
I have one unpaid cc c/o set to fall off in July I have asked ex for early delete many of times - is it the term that I'm using ? What do you say when calling to get them to do this ? I don't want to dispute since I'm in the middle of a mortgage loan (I'm not feeling I will get approved but I'm going to wait for an answer) my scores are suffering with ex and Tu because that cc is apart of my "revolving utilization" so I have $1300 worth of ccs all paid in full but I'm at a 40% util - if I get that removed I can gain enough to give me the max score and I will be way above the 640 min I need for a loan and that will be my last unpaid baddie bedsides my 2 med collections - help anyone ???
If you get your utlization down a little more you could have a big loan as well. But when you call, ask for an early exclusion from your credit report.
04-18-2014 01:27 PM
Earlier this week I got EX to remove a CO that was due to fall off in August, via phone. Just wanted to share my experience with it
04-18-2014 05:48 PM
The chargeoff is only showing a monthly payment of like $20 or something so its not really affecting my loan amt or my DTI - its affecting my scores because its included in my current utilization so although all my "current" credit cards are paid in full the $700 goes against my other $1300 in paid off ccs- limiting me to only 620 lenders which there arent many that ive come across- only one would actually take my score that i app'd with. I called today and asked for an exclusion- i was told that the date it should actually fall off is in novemeber but they "purge" their systems in july so that is the earliest they will go
05-19-2014 11:08 AM
What is the number to call for an early excluson for TU?
My rep....spoke fabulous English. Very proper English. But I have this feeling I was not talking to the right person.