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Hello,
I am working on getting my mortgage scores up to hopefully refiance my FHA loan with cash out.
I have 2 credit lines from Conn's that show a small balance or no balance but still get reported as past 120 every month.
I have on CC that was charged off but still reports 120 late every month.
Conn's #1 - $302 balance, high of $850 last actvity 2014, closed 2015 -- reporting as CO monthly to date
Conn's #2 - $0 balance, high of $4500 last actvity 2014, closed 2015 -- reporting as CO monthly to date
First Premier CC - $876 balance, limit is $700, utilization 125%
I have 2 other CC that were CO and have no reporting activity since 2015, will this still be effect my scores?
I am planning to pay off the balance on the First Premier CC this week.
Is there anything that can be done on the Conn's #2 that has a $0 balance to get it not to report monthly as a charge off?
John
The Fair Credit Reporting Act requires creditors to only report accurate and valid information, therefore, it's recommended that you request verification and validation of that information--otherwise, continue to report any way they so choose.
Of course, I am just speculating when I say that it's quite likely they report in this manner just so they can inspire a response and a reaction from you which if/when you do is likely to allow them the right to update the report of that account and or even bring it current, so you definitely want to "tread lightly" regarding your actions but simply focus on the future as you move forward.
Now, with that being said......Cashing out of loans is only possible to an LTV of 80% nowadays, so why not simply refinance to a conventional loan with no MI at that LTV?