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Question regarding 2 accounts FHA no collections or negative history 12 months

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Tpelc23
Regular Contributor

Question regarding 2 accounts FHA no collections or negative history 12 months

I'm confused on the recent negative actions on accounts. Worried, I may have damaged our chances getting a mortgage by paying collection or charged off accouts. Can someone explain. Thank you. These two accounts are reporting to transunion.

FIRST PREMIER BANK
3820 N LOUISE AVE
SIOUX FALLS, SD 57107
Phone number not available
Balance: $0 Date Updated: 09/29/2011 High Balance: $481
Credit Limit: $300
Last Payment: 08/01/2011
Pay Status: >Account paid in Full; was a Charge-off<
Account Type: Revolving Account
Responsibility: Individual Account
Date Opened: 12/29/2006
Date Closed: 01/01/2008
Date Paid: 08/01/2011

Loan Type: CREDIT CARD
Remark: >SETTLED-LESS THAN FULL BLNC<
Estimated month and year that this item will be removed: 10/2014



Request an investigation


This account will be paid in full shortly, in the process of doing PFD. If PFD won't will I be OK if I just pay it in full and have it report as same.

HOLLOWAY CREDIT SOLUTION P O BOX 230609
MONTGOMERY, AL 36123
(800) 206-3073
Balance: $1,861
Date Verified: 03/15/2012
Original Amount: $1,861
Original Creditor: MEDICAL-ORLANDO REGIONAL HEALTHCARE (Medical/Health Care)
Past Due: > $1,861 <
Pay Status: >In Collection<
Account Type: Open Account
Responsibility: Individual Account
Date Closed: 03/08/2012


Loan Type: COLLECTION AGENCY/ATTORNEY
Date Placed for Collection: 04/11/2011
Estimated month and year that this item will be removed: 05/2017

2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 1 of 6
5 REPLIES 5
rckstrscott
Valued Contributor

Re: Question regarding 2 accounts FHA no collections or negative history 12 months


@Tpelc23 wrote:

I'm confused on the recent negative actions on accounts. Worried, I may have damaged our chances getting a mortgage by paying collection or charged off accouts. Can someone explain. Thank you. These two accounts are reporting to transunion.

FIRST PREMIER BANK
3820 N LOUISE AVE
SIOUX FALLS, SD 57107
Phone number not available
Balance: $0 Date Updated: 09/29/2011 High Balance: $481
Credit Limit: $300
Last Payment: 08/01/2011
Pay Status: >Account paid in Full; was a Charge-off<
Account Type: Revolving Account
Responsibility: Individual Account
Date Opened: 12/29/2006
Date Closed: 01/01/2008
Date Paid: 08/01/2011

Loan Type: CREDIT CARD
Remark: >SETTLED-LESS THAN FULL BLNC<
Estimated month and year that this item will be removed: 10/2014



Request an investigation


This account will be paid in full shortly, in the process of doing PFD. If PFD won't will I be OK if I just pay it in full and have it report as same.

HOLLOWAY CREDIT SOLUTION P O BOX 230609
MONTGOMERY, AL 36123
(800) 206-3073
Balance: $1,861
Date Verified: 03/15/2012
Original Amount: $1,861
Original Creditor: MEDICAL-ORLANDO REGIONAL HEALTHCARE (Medical/Health Care)
Past Due: > $1,861 <
Pay Status: >In Collection<
Account Type: Open Account
Responsibility: Individual Account
Date Closed: 03/08/2012


Loan Type: COLLECTION AGENCY/ATTORNEY
Date Placed for Collection: 04/11/2011
Estimated month and year that this item will be removed: 05/2017


I dont see an issue, and I will explain why;

 

The charge off occured and impacted your credit when it intially happened.. in 2008.. you can tell by the 2014 deletion date...  the underwriter is going to see it as paid.. the paid date is pretty recent, but thats ok. I had a lot of paid recent accounts. As long as the charge off isn't in the last year, no biggie for FHA if it is listed as paid w/ no balance outstanding...

 

Second account, even if it ISNT pfd, will be fine if its eventually marked paid before you go to underwriting, because it will offically be older than a year old in May..

 

So if you do not get a PFD, if it is paid,  you should be good to close any day after May 1st, 2012..

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 2 of 6
Tpelc23
Regular Contributor

Re: Question regarding 2 accounts FHA no collections or negative history 12 months

Thank you for the response and it totally make sense. Smiley Happy

2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 3 of 6
rckstrscott
Valued Contributor

Re: Question regarding 2 accounts FHA no collections or negative history 12 months


@Tpelc23 wrote:

Thank you for the response and it totally make sense. Smiley Happy



Spent the last month working on preapproval/mortgage with my LO (who is a memeber on this board) so I feel confident the information I am providing you is accurate haha

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 4 of 6
Tpelc23
Regular Contributor

Re: Question regarding 2 accounts FHA no collections or negative history 12 months

Smiley Happy Hope everything goes well for you. We will be applying next month!

2/28/12 -TU FICO 646 3/28/12 TU-FICO 647 4/19/20 TU-662,
2/28/12 - EQ FICO 557 3/14/12- EQ FICO 600 3/16/12 EQ FICO 623, EQ FICO 628, 7/2/12 662
2/20/12 - EXP FAKO 620 3/16/12 FAKO 631 FAKO 643 3/28/12 655 (MTG pull) 5/7/12 698

CURRENT GOAL MID 640 LONGTERM 700 CLUBSmiley Happy
Message 5 of 6
rckstrscott
Valued Contributor

Re: Question regarding 2 accounts FHA no collections or negative history 12 months


@Tpelc23 wrote:

Smiley Happy Hope everything goes well for you. We will be applying next month!


I was preapproved w/ a charge off (from 2008), three paid collections (2008), a paid judgment and a paid tax lien.. Smiley Happy

 

I make an offer today actually...

 

I think you are golden!

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 6 of 6
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