Hello. We would like to start getting ready to apply for a mortgage next year if possible. I just got the free annual credit report to start looking at my husbands report, and I don't know what to do about some of these. I believe they are all past the SOL in my state. It's been several years since I've read anything on the proper way to deal with credit issues, so I'm at a loss as to how to begin. Here are the accounts I am questioning.
#1 is cap 1. It shows a current balance, and as a charge off. DOFD was 5 years ago. They sent this account to a lawyer, and he also has a judgement posted for it. The judgement was paid, but both the judgement and the cap 1 account shows as unpaid.
#2 is cap 1. it shows as a charge off with 0 balance. DOFD was 5 years ago.
#3 is Merrick bank, shows 0 balance as a chargeoff.
#4 is midland credit management, for capital one (#2). Shows balance due.
I assume I need to contact someone to get the judgement showing correctly. Do I need to do anything with these accounts that are showing 0 balance? Is Midland the only one I need to deal with at this point? I'm confused about whether or not we need to pay off collections to apply for a mortgage, and that's part of my issue. The other part is that I don't want to do something to make the situation worse. At the time these accounts went under, our housing payment went up, when our income went down. We were unable to afford all of our bills, and had to choose electricity over credit cards. Other than these accounts, there have been no late payments or other defaults in the last 5 years.
Thanks for any help you can give me. 
@annah wrote:Hello. We would like to start getting ready to apply for a mortgage next year if possible. I just got the free annual credit report to start looking at my husbands report, and I don't know what to do about some of these. I believe they are all past the SOL in my state. It's been several years since I've read anything on the proper way to deal with credit issues, so I'm at a loss as to how to begin. Here are the accounts I am questioning.
#1 is cap 1. It shows a current balance, and as a charge off. DOFD was 5 years ago. They sent this account to a lawyer, and he also has a judgement posted for it. The judgement was paid, but both the judgement and the cap 1 account shows as unpaid. Dispute these with the CRAs as having been paid, if the judgment is not deleted then file motion to vacate in the court that granted it on grounds that its been paid, If Cap-1 stays as paid start GW letters to Cap-1 EO. I will info you that when the Cap-1 updates, if it has not already been updating monthly you will take a score hit as it will look like a new CO in the eyes of Fico even though its marked paid so you may not want to challenge this one and just move directly to a GW letter to the EO indicating you have paid it and ask it be deleted.
#2 is cap 1. it shows as a charge off with 0 balance. DOFD was 5 years ago. GW Letters to EO
#3 is Merrick bank, shows 0 balance as a chargeoff. GW Letters to EO
#4 is midland credit management, for capital one (#2). Shows balance due. If past states SOL, PFD for no more than 50%, this agency is a hard nut to crack do not waiver from what you are willing to do.
I assume I need to contact someone to get the judgement showing correctly. Do I need to do anything with these accounts that are showing 0 balance? Is Midland the only one I need to deal with at this point? I'm confused about whether or not we need to pay off collections to apply for a mortgage, and that's part of my issue. The other part is that I don't want to do something to make the situation worse. At the time these accounts went under, our housing payment went up, when our income went down. We were unable to afford all of our bills, and had to choose electricity over credit cards. Other than these accounts, there have been no late payments or other defaults in the last 5 years.
Thanks for any help you can give me.
