Will charge off prevent mortgage loan approval?

[Anonymous]

I will be applying for a mortgage in 3 months or so, will this 6.6 Yrs old Cap one auto charge off prevent me from getting approved for a conventional mortgage loan? Thanks
Fico scores
Eqx 657 TU697 Exp677

[Anonymous]

I'd like to add the balance shows 0 balance on this charge off on the credit report. Thanks.

[frugalQ]

No, it shouldn't as long as it's paid. However, I recommend getting to 680 mid score for conventional...or you will def pay in interest rate and PMI rate.

[Anonymous]

Thank you frugalQ, i'm hoping my scores will be going up. After reading info in these forms I should be keeping a balance, which i was not. I was paying all 13 credit cards in full each month, starting april i will let 1% util report on my highest CL CC. I really took a dive in score when i decided to go an app spree in jan...totally bad move. I'm not worried.. Only time will help my score recover...since i pay everything on time and will be in the garden till 2016. Any other sug to get my score up?

[frugalQ]

Outside of playing the utilization game, I don't know of any other quick ways to increase scores.

Some people may say to try and get the charge off account removed, but with it being almost 7 years old, it's probably not making a big negative impact on your scores...and if you remove it, it may drop the score because it reduces your AAoA.

[Anonymous]

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@frugalQ wrote:
Outside of playing the utilization game, I don't know of any other quick ways to increase scores.

Some people may say to try and get the charge off account removed, but with it being almost 7 years old, it's probably not making a big negative impact on your scores...and if you remove it, it may drop the score because it reduces your AAoA.

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Ditto ^

[Lemmus]

...I can only speak from personal experience ...I had one neg left on EQ only ...an unpaid med for ~$600 that had a DOFD of 07/2008 ...when EQ deleted it early only a few days ago, my score jumped 70 points ...677 to 747 ...no other changes in the report ...so I think I can say with confidence that a single 6.6 yo med neg was having a negative 70 point effect ...ymmv ...hth