@Anonymous wrote:
Hello all
Need help. Six years ago I was laid off and was unable to get a job, after a year of not working I liquidated what assests I had and wet back to school. During this time I had to make decisions on what I could pay and what I couldnt. I dont regret making this decision as the money gave me an education and a new career for which im thankful for. Now that my new career is stable I want to adress the items I have on my credit report that are charged off. My current mortgage FICO is 628 and FICO 8 is 590. I currently have a auto loan through my credit union which I have for almost two years which has been paid on time. I have a personal loan through one main financial which I have paid on time as well. I have two other car loans and one other personel loan which all were paid on time and paid off over the last five years. Now the bad, I have three charge offs
1) applied bank last payment 10/09, date closed 12/09, date last updated 7/13, amount $1063.00, est removal 10/16
2) capital one bank last payment 7/09, date closed 4/10, date last updated 5/15 amount $918.00, est removal 9/16
3) credit one banl last payment 10/09, date closed 11/09, date last updated 3/11 amount $1012.00 est removal 11/16 (this account hs a note saying it was sold to another lender)
statute of limitations for my state shows to be three years. I would like to buy a home in 6 months or so. What is my best avenue of attack here? PFD? what if they wont do that? I would like to keep my score from dropping anymore than it is. the account which shows to be sold, what is the best way to handle it? I ont have any CA on any of my reports for this account.
Thank you for the guidance
Scrape
If you plan to pfd these accounts an are unsuccessful they could update your account and it will cause your score to drop. They could even update it to disputed and it will be a pain in your neck.
The capitol one has been updated fairly recently but I have not seen much success getting a pfd with them.
I would not wake a sleeping bear. BUT I do understand that when getting a home loan they would like to see all previous derrogs paid.
So if you are going to apply for a loan before these fall off they will more than likely ask you to pay these. Or at least the majority of them.
If you could wait to get a home and keep your credit clean until these fall off you could get a better loan and not loose all this cash. Right now if you inform the collectors you are trying to buy a home they will use that to THEIR benefit and make it harder to work out a deal in your favor.
If you waited until after it fell off your credit report you and applied for the loan. If the mortgage company still found these debts you could settle these for far less with the collectors or original debters because you are past statute of limitations and they can't hurt you on your credit report.
