Homeowners & Mortgage Professionals

Discussion in 'Credit Talk' started by Terry, Aug 21, 2001.

  1. Terry

    Terry Well-Known Member

    With hopes of being a future homeowner, I have a few questions:

    Here is my situation:
    Equifax: 680
    TU: 725
    Experian: 590

    My Experian report has one major thing, a Charge Off from Captiol on from 1995, it will come off in April of 2002. One collection from (Gulf State Credit) Sprint, in which I plan to sue Ronald Lenay and Sprint. They cannot validate the debt but won't remove it. (Long Story) I digress.

    I know Trans Union and Equifax would qualify me for "A" paper as they have no negative information, no collections, lates, ect.It is my understanding that Mortgage companies take the middle score. OK with that being said, will they make me pay off the Cap One charge off from Experian? OR do they only consider the report that contains the middle score?

    I won't apply for another 3-6 months because I want to pay all of my credit cards off, and put a huge dent in my 16K in student loans. If I can accomplish that I know I my scores will be much higher than they are right now. I want the bureaus to update and sit at <20% balances for a few months.

    Will the low Experian score keep me from qualifying me for "A" paper? If so, why since my TU and Eq scores are so high.

    Any help from Mortgage Professionals or people that went through the process would help me out alot!

  2. marvin

    marvin Well-Known Member

    As far as the collections, they will probably need to be paid unless you have a fairly large down payment. The one low score shouldn't keep you from getting A paper, as long as the collections are paid.

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