Established Member
Posts: 18
Registered: ‎10-07-2012
If my score is high enough, does it matter what is still negative on my CR?
[ Edited ]

New here and have a few basic questions.


As the title asks.. I have pretty much everything covered outside of polishing off my credit score when it comes to obtaining a home mortgage. I've been with the same employer for 2 years and make a reasonable income. I've rented at the same address for the past 2 years as well. I have even managed to save enough for a down payment & closing costs.


Everything seems to be inline with the exception of my credit report, I was sitting at roughly 574 about 6 months ago, when I first started working on it and just this month I finally broke roughly 630. 


Prior to this I had a small business which went south & causing me to default on 3 credit cards and get behind on my auto loan. I managed to hold on to the auto loan despite going 60 days late & 30 a few times but in the end I paid it off about a year & half ago. The credit cards however were charge offs (3 of them). 


My score has now started to reach the area that is high enough to get a home loan, but I'm curious if the credit card charge offs will still keep me from getting a loan? Will the lenders still turn me down for these charge offs even if my score is high enough and all other bases are covered?


I'm looking at a basic FHA loan or potentially a USDA due to my location.

Starting EX : 578 EQ : ??? TU: ???
Current: EX : 630 EQ : 639 TU: 684
Goal: 700 to start