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Hi everyone!
Long time lurker, first time poster here. I recently started the rebuilding process with homes that I could apply for a mortgage in 1.5 to 2 years, and I was wondering if some of you might be able to give me some advice on where to get where I need to go.
As far as credit goes, I have one card open at the moment -- the Capital One Secured card with a $200 limit. No other cards.
I have about $40k in student loans, about $1k of that being a Perkins Loan that I thought was deferred but was not and is now with Coast Professional instead of my university.
I have a bunch of baddies:
I haven't done anything with the Capital One CO and I don't plan to - it falls off in a year. I'm still trying to figure out how to approach the Perkins situation. For just about everything else, I have sent PFD letters (no answers) and have since sent out DV letters.
Really, I would love nothing more than to get all of this cleared up, even if it means not settling and paying in full. How should I approach things now?
PFDs are obviously worth the shot, as if they are accepted, they both satisfy the debt and improve FICO score.
However, if they are not biting, what is the backup plan? Are they within SOL? For any reported charge-off or collection, what is the DOFD on the OC account?
Were your prior DVs timely, which determines whether the debt collectors are now under any cease collection bar?
More info is needed regarding account DOFDs and SOL status.
Statement that the unpaid CO is not going to be paid because it is soon to be excluded from your CR is certainly an option.
However, CR exclusion does not ensure that the unpaid debt wont still be a major issue. It prevents others from becoming aware of the unpaid debt simply by a pull of your CR, but there are other ways for potential creditors to still become aware of its presence. In any future loan app process, presence of unpaid, delinquent debt can be a show-stopper regardless of FICO score. It is a decision with potential risk. That applies to any of the unpaid debt that may also pass its CR exclusion period.