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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
@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
Thank you for the response and it totally make sense.
@Tpelc23 wrote:Thank you for the response and it totally make sense.
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
Hope everything goes well for you. We will be applying next month!
@Tpelc23 wrote: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..
I make an offer today actually...
I think you are golden!
-scott