outstanding delinquencies

Anonymous · ‎10-07-2014

I just applied for an HELOC and the underwriter says I need to clear up outstanding items. I have 2 charge-offs that still appear as outstanding in the outstanding debt to outstanding credit ratio.

i also have a couple charge-offs which are not appearing in my ratio.

If the underwriter says I need to clean things up, does that just mean the items on my credit report which show as outstanding? or everything negative?

Also, the SOL for most of my negative items expires in one year. If I start pying those items now, does the clock restart now, or does it just start after the SOL expires and I start making payments again?

Thanks.

AndySoCal · ‎10-07-2014

The underwriter is referring to the charge off's on your credit report. If you want the HELOC I would suggest you pay them in full soon. I would consider paying the two that are not on your credit report as well just so they do not appear or reappear in cause problems with the HELOC you are applying for.

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Anonymous · ‎10-07-2014

If you start making payments the SOL would reset only if you again defaulted on the payments. I believe it would reset to the new default date.