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I debated whether I should put this in the rebuilding forum or here. I chose here because I am looking for answers that direct relate to applying for a mortgage in the near future.
My AAoA is 4.1. That includes my IIB accounts that report a zero balance (6 to 9 depending on CRA). A couple of the credit cards that I IIB no longer exist. My question is, for the purpose of obtaining a home loan, should I be more concerned with preserving my AAoA or removing the COs. The way I figure it, I can try to GW them all, GW a couple, or leave it alone. Which one will help me the most in underwriting?
more info: bk was ch 13 and discharged in may 2012. Scores are current in the siggy and I just paid down some heavy uti, waiting for it to report. With all IIB accounts removed, my AAoA becomes 3.4 to 3.6. And I already know that the ch13 is an uphill battle, which why I trying to make myself more appealing. Any input is appreciated.
I am no expert, admittedly, but I think an AAoA of 3.5 years would be better than having a couple COs reporting. So, basically +1 on the above post.
My AAoA just went from 4 to 5 years. I had a massive score increase of 1 point.
So I disagree.
yes im kidding.
Not kidding about the score increase though, that actually did happen.
Thanks guys. I guess I will get to GWing. I would dispute but I don't think it is a good idea right before a mortgage app.
@missfontella wrote:Thanks guys. I guess I will get to GWing. I would dispute but I don't think it is a good idea right before a mortgage app.
I agree with this statement, FWIW. I am also in the mortgage process (just submitted app a few days ago), and I am concerned that they are going to take issue with my two CC accounts that I opened in Nov. I have read in several spots that one should not apply for a card within around six months of a mortgage app. I have also read that in a lot of cases (mostly FHA), lenders do not want to see any accounts in dispute and calling CRAs and asking them to remove remarks about the consumer's dispute...etc is a : PITA.