I need to get rid of 2 accounts on my credit report in order to obtain a conventional loan. The 2 accounts are. 1. Discover Financial - owe $2081 - charged off, won't budge on removing negative listings. 2. Belk - Account charged off/Past due 150 days. $745 written off. Status Details: This account is scheduled to continue on record until 11-2003. This item was verified and updated on 6-2001. Last reported on 5/2002 what to do?
Help when dealing with conventional mortgages, you have to pay off all collections and chargeoffs before a conventional lender will give you a loan. When was Discover charged off? Also how much are you putting down to get a conventional mortgage? You may find that you are better off going with a nonconforming lender at least for 2 years while your credit improves. fla-tan
If those are the only two negatives on your report, maybe you should consider going FHA. My scores were worse than yours, but I had 12 months of perfect payment history. Fla-Tan helped me out tremendously to get pre-approved and my financing is FHA. Contact fla-tan, he is a mortgage broker. "only 18 days to closing" YIPPPPEEEEEEEE.
