Hello Everyone, I am new to this board and have seen a lot of great information, so hopefully I can get some help here. My hubsband and I hope to purchase our first home, by the end of this year. Our combined gross income comes to about $70,000 and we both have maintained steady employment(3 years+). Not looking for anything over the top...we want to spend no more than $130,000. Right now we are in the process of cleaning up our credit. And these are my questions. #1) My husband had a Chapter 13 which was discharged two and a half years ago. And was scheduled to fall 3/2003.(according to Experian) Now if it is no longer on the credit report, do you still have to disclose you had a CH 13 or will it be discoverd anyway. We don't want to lie about it, but if we don't have to disclose it we rather not. We are trying to get a FHA or VA Loan. #2) I had a charge off from Capital One ($4500.00..young and dumb in college) I disputed it with the CRA's(because it was more than 7 years old...and they all took it off. But then Experian put it back on(after 30 days) saying C1 said it was stilled owned and Capital One changed the date. What to do?? #3) Had an old voulntary repo, paid in full that is scheduled to fall off 7/2004. (after we want the house) How can I go about gettting this removed, if at all? #4) We have three closed credit card(not charged off) accounts that we plan to pay in full (and are half way there) Should we open up a secured card...just to show revolving credit for a couple of months...are just leave it alone? #5) We have not applyed for new credit in 2 years and besides the closed credit card accounts we have 1 car note as revovling debt. (my school loans are currently differed and we plan to pay my husbands..less than $1500.00 before we start looking for the house) And what type of score is acceptable for a decent rate on a homeloan...we live in Georgia. I know this is long, but if anyone can answer these questions I would really appreaciate it. Thank you very much.
It fell off because it was past the statutory reporting limits? Sounds like Cap One has illegally reaged this account. You might try sending the CRAs a letter with a copy of your old report, showing the old dates, and demand they delete. Try a simple not mine dispute. Its pretty old, maybe it will go ahead and fall off the easy way. What are your scores now--if you know?
Last time I checked (about a year ago), we were both in the 620 range. And my husbands CH 13 was in March of 1996. I have read that a CH 13 comes off after seven years, and a CH 7 is ten. Is that correct?
