Hello I have recently paid off all my negative accounts. Several of the accounts were charged off accounts all now with zero balances. Would like to get off CR but they are mine. I have one collection which I also have paid in full. I recently recieved my Fico scores from myfico.com EQ 607, TU 585, and EX 564. I am waiting for two CA to update to zero balance. I have also recently became a joint user on one of my fiances accounts (Fico 700) in hopes of increasing my score. I am currently using 3 accounts which I have been paying timely for the past year. With this information I have two questions. Question #1-I was told that charge offs/negatives can be removed after 7 years from when the accounts went bad. Some of the accounts were open in 1999 and I am hoping to have them removed however they were not negative during that time. Can I call and ask for them to be removed even though they have been on my CR for 7 years? Question #2 -I will be getting married in April 2007 we are hoping to purchase a home approximately July 2007 putting at least $25,000 we've saved down, we would like a mortgage around the max $350,000 we have a total combined gross income over $110,000. If I continue to pay timely what is our outlook if I am able to get my score up 620 or greater.
If they were charged off you should have never paid them.especially if they were coming up on seven yrs. They would have dropped off. What you did was re-age those accounts to where they are now seven years from when you paid them off.I would write them and ask to take them off in good faith.The other two do not pay a cent unless you have in writing that they will delete trade line completely upon payment. The three trade lines you now have keep balance under 75% on all three. Also if you are in a community property state you do not have to be on loan to be entitled to half the estate.However it seems you need your income to qualify for mortgage.110,000 on $350,000 loan is stretching it regardless.It just may put you both right where you are now.I know,I'm there and making a $140,000 on a $356,000 mortgage. Always get in writing before you pay any collection.Paying it does not increase FICO one point. You only have to get your middle to 620.KEEP REVOLVING NEXT TO NOTHING!!! GOOD LUCK!
Not correct. The time they can normally stay on your reports is based on when they originally went delinquent, regardless of whether or when you paid them. Note, however, that for loans over $150K, the 7 year reporting period limit does not apply. However, I don't know how a lender would treat such an old paid charge-off. You might ask a mortgage broker. It may be most productive to focus on increasing the amount of down payment you can make to improve your terms. http://www.ftc.gov/os/statutes/fcradoc.pdf "�§ 605..Requirements relating to information contained in consumer reports [15 U.S.C.�§1681c ] ... (b)Exempted cases.The provisions of paragraphs (1)through (5)of subsection (a)of this section are not applicable in the case of any consumer credit report to be used in connection with (1)a credit transaction involving,or which may reasonably be expected to involve,a principal amount of $150,000 or more; (2)the underwriting of life insurance involving,or which may reasonably be expected to involve,a face amount of $150,000 or more;or (3)the employment of any individual at an annual salary which equals,or which may reasonably be expected to equal $75,000,or more."
I understand the charge-offs comes off from the time of delinquency. One of them was opened July 1999 and I was hoping I could ask for its removal, however, the time of delinquency I am not certain of. I am just hoping that because the actual account will be seven years old they will remove it. Does anyone know if this is the case. Also as far as a down payment I am hoping to put at least 25,000 to 30,000 down and taking a mortgage out for at least 320,000. I just recently got my score from EQ 632 which increased due to paying off one of the collections in full. I am hoping with timely payments on the accounts I have open and if I can get those 7yr. old charge-offs dropped that my score will increase more and with my fiances 700 score we can get a good rate. Another question can anyone tell me how my score with my fiances affect our chances of a good mortgage.
I work in a mortgage branch and I just wanted to give some information on your question. Your fico qualifies you for a certain rate at whatever program fits with your needs. Well if say your fiance can be approved for a rate and your fico is far off SOME lenders will not keep you on the loan. Because the bracket of fico range that the program can be approved for may be in your fiancee and not yours they may request you not be on the loan. Some lenders I heard which I can't think of one of the top of my head don't even look at co-borrowers and you would just not be the primary borrower but your score can increase with timely payments. What state do you live in?
I live in Florida. If he is the primary borrower will they use both of our incomes or just his because to get the home that we want we will need both our incomes I think to qualify.
If you want I can quote you rates for both you and your fiance. Email me @ susanhchong@gmail.com. When are you looking into buying the house. I'm sure you also want to use your credit in order to bring up the score. Well in this case all you have to do is find a lender that only uses the primary borrowers fico. but... if you make even a dollar more than her SOME lenders will require you to be the primary. In that case though there are ways around that as well. If you have any questions let me know..
