I've seen in various forums (including here), before one can obtain a home loan, that all charge-offs need to be paid before ANY lender will give you a loan. Is this true? I ask because I have a mortgage broker who sent my home loan app to some lenders, and none of them came back asking for this. They did however, ask for 10% down (my FICO is 574). I am electing to save up money for the 10% down (was hoping for 5% with addional fees). I have a few very minor charge-offs and one HUGE one--$10,000. This is back from 1997. Thanks
I think that a lot of previous standards for home loans are thrown out the window right now. It's hard to believe that it's easier to get a house than it is to buy a car or credit card. I have a friend that had a chargeoff and they went thru Countrywide and they didn't say a thing. With 10k it may be different. Charlie
Did you try disputing it off your reports? it is due to fall off next year anyway so you have a good chance of getting it deleted by disputing it w/it being so old.
Have not disputed. Also, if the charge-off was from March 1997 and from what I hear it takes seven years to get is off, you say "next year it will be taken off". Next March will be six years. Am I missing something? Also, the open date is 03/97, but the last "report date" is 09/02. What does this mean? For some reason they are acting like there has been activity recently, and I have not spoken with anyone from that bank since 1997. Thanks!
Time to hit the books. Study the FDCRA and FCRA , then study the board here. The important date is date of last activity. The 7 year clock relates to that date. The report date is the date the company last reported to the CRA.
<<Time to hit the books. Study the FDCRA and FCRA , then study the board here.>> Hmmm . . . to be honest, this doesn't help me much. My question (I assume) is of a simple nature. <<The important date is date of last activity. The 7 year clock relates to that date.>> This is where my ignorance sets in, I guess. On the credit report I have, there is no "date of last activity." Only "Open Date" and "Report Date". <<The report date is the date the company last reported to the CRA.>> Understood. However, what does the "seven year clock" relate to? You mentioned date of last activity. Is this the "Open" or "Report" date? If the latter, what keeps a creditor from reporting this each month; thus, there is no such thing as a seven year statute? Thanks again!
