I am currently working on getting a morgtage. I have scores all over the board. FICO from 700 on TU to 603 on Equifax. The thing hurting me the most on the EQ is I have two Capitol One cards that are showing as charge off. The balance on each is just a little over $1000. The last payment I made on the cards was in 7/2005 and 8/2005 on the other. Therefore they should fall off in 7/2012 or 8/2012. Cap One is currently reporting me 90 days late every month, which is killing the score. If I pay the balance off do you think that will raise the score and would it reage the lines and make them stay for another 7 years? I would wait on the morgtage, but we are renting and the agreement is the morgtage will be secured by March 31? Any help or suggestions would be appreciated. The TU lines do not show the Cap One accounts. I have already tried disputing with negative results. Thanks
If you pay off the the Capital One cards, it won't necessarily help your FICO scores unless you're able to negotiate removal of the negative marks in return for payment. "Paid" and "unpaid" charge-offs are both considered negative marks by the FICO scoring model and will continue to hurt your scores. Are the charge offs with a collection agency now? I'm just wondering if you have both a charge off and a collection showing up on your credit reports for the same debt.
I agree with Josh as well. Having a rolling 90 day lates on your credit can also make it difficult to qualify for a mortgage even if you have the credit scores to qualify. Thanks! Heather with BoostMyScore.NET
What was the dispute that you used when you tried to dispute the trade lines, it matters what dispute that you use, since the obligation is to answer the specific dispute that you make through the CRA. i.e. if you dispute NOT MINE, then they only need to verify that they have 2 of 4 pieces of correct pieces of personally identifiable information name, address, dob, ssn. The best example on that is No. 03-1235. - JOHNSON v. MBNA AMERICA BANK NA LLC. That doesn't mean that a dispute of other specific information such. Actually the best dispute might be that the account is "not 90 days late" for every month AFTER the account first went 90 days late.
