hello all. so my husband and I were planning on beginning the VA loan process next year. Unfortunately, we have fallen in love with a house and have been toying with maybe doing it earlier. both of out scores are around 670 across the board.
in 2006 everyhting fell apart for me at once......defaulted on all my cards, etc. I have repaid in full, or settlement on all but one. everything negative is falling off my reports between now and january.
there is one though, for $5000 fpr HSBC that I havent repaid/settled. keep in mind over the last 7 years I have been paying around $400-500/mo to repay old debts. This HSBC acct was sold to Midland, but they never came after me or threatened judgement. The HSBC falls off next month, Midland in Jan. I know it will come back to haunt me as part of the underwriting process.
What I am thinking is, since SOL is done, sending a letter stating I am not acknowledging the debt, however will offer $1,000 or so to settle it. If I do that this late in the game, what will it do to my score, and how quickly could I rebound?
I have had 3 unsecured CCs for 2.5 yrs with perfect pay records, and tomorrow am giving AMEX $600 PIF for an Optima card. I also have numerous perfect car loans, etc.
*sigh* any advice? Am I correct in thinking that I am better of to just settle it an be done? Or what am I risking by doing so? Thanks!!
AMEX Green charge NPSL | NFCU Cashrewards Visa Sig $25,000 | NFCU Navcheck $15,000 | AMEX Everyday $15,000 | Discover IT $19,000 | Amex BCP $18,000 | Cap1 Quicksilver $5000 | Firestone $2,400 I Amex Oasis Optima (recovery card) $500 (closed July 2014)
MyFICO: TU 780, EQ 785 EX 776 Discover TU FICO 780. Rebuilt from 500's....closed on home May 2015!
