Becoming a first time home buyer!!

[MOMO30]

Hi to all its been awhile since i've been on the forums. I'm back on my road to home owner ship. My question is if dh has quite a few charged off accounts that show balances if we pay off those balances will it help his score any? I've tried pfd and no luck we would really like to purchase a town home before the end of the year. My current scores are 601- Trans EQ-621 I got them here at my fico.com!!! Once hubby logs on i'll post his scores. Also if your being garnished can you still get a home loan?

[Anonymous]

I would ask the charge-off question on the Rebuilding Your Credit board for the best answer.  I think it can help because your utilization goes down but it can hurt because some of these old delinquencies will now show recent activity.  Then it's a matter of which has the greater effect as to whether you score goes down or up.  But double check with the experts on the other board.  Sorry, no idea about the garnishment.  I suspect that would be a red flag but not sure.  Good luck!

[Jazzzy]

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@MOMO30 wrote:
Hi to all its been awhile since i've been on the forums. I'm back on my road to home owner ship. My question is if dh has quite a few charged off accounts that show balances if we pay off those balances will it help his score any? I've tried pfd and no luck we would really like to purchase a town home before the end of the year. My current scores are 601- Trans EQ-621 I got them here at my fico.com!!! Once hubby logs on i'll post his scores. Also if your being garnished can you still get a home loan?

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My recommendation would be that you not pay these until you have sat down with a loan officer.

What is being garnished? Is it an old debt? If you have the money to pay the charge-offs, how much would it take to pay the amount that's being garnished?