Hello all: I'm embarking on the home buying process, and right now I'm looking to be pre-approved for a mortgage. My credit is excellent (FICO 780), however, I have an unpaid charge-off (about $3,000) that fell off my credit report 2 years ago after the 7-year time reporting limit. As I understand, mortgage lenders can pull up an extended credit report that shows info going back beyond 7 years. Is there any way I can check my "extended" credit report beforehand to keep from embarrassing myself? What is the chance that my charge-off will show up on the lender's report? Lastly, one of the questions on the mortgage application form is: "Are you presently delinquent or in default on any Federal debt or any other loan, mortgage, financial obligation, bond, or loan guarantee?" Am I still considered in default, even though my debt is no longer collectible? I would just pay it off but I'm afraid of restarting the clock on the reporting period. Thanks for your responses in advance.
Can't answer your question, but I will offer this advice - OPT OUT or you will have collection agencies crawling all over you, ruining your mortgage for you. 1-888-5OPT OUT
Can't answer your question, but I will offer this advice - OPT OUT or you will have collection agencies crawling all over you, ruining your mortgage for you. 1-888-5OPT OUT
Chill...you are ok! Has your broker run your credit? Have you seen your credit? Does it show up? Even if it did show up it is sooooo old no one will care. You have a GREAT credit score...be proud and go out there and buy your home! One question would be...do you have open lines of credit that you are currently paying on? Sometimes someone with that high of a score will only have one or 2 lines of credit open. Lenders like to see at least 3 current lines open with 24 months history for "A" credit. Best bet is to choose a broker...let them know what you've just told us...they can guide you. They will run your credit and tell you what you need to do. If I can help further...let me know. GOOD LUCK!
Loan Queen: I'm sorry to hijack this thread but I have a question for you along similar lines. I have an old state tax lien outstanding that I am currently paying off. I have 2 things going for me: 1. It is past the 7 yr reporting period so it does show up on any of my CR's 2. The actual filing has my name misspelled, but I have never contested that, since they have my correct SSN. I just make payments, they take my refunds, and in three or four years they will be paid off. My FICO is ~720 I have 2 CC's - 500$ owed on 1 with 12K limit 100$ owed on a second with 1K limit My car is paid for Can I get a mortgage? Thanks
Re: Re: Mortgage Credit Check? Hey hijacker Thing is...when you have a state lien...it will affect title when buying a home. Eventhough it does not show on your report it will when escrow runs your SS for liens. State liens (at least in CA) will not subordinate (go behind a 1st mortgage). IRS liens can be. They would make you pay it off before you can get a loan. :-( Sorry. Sounds like you have good credit...great job! How much is the lien? Doable? Hope that helps. Let me know if ya have any other questions. Good luck!
Re: Re: Mortgage Credit Check? Thank you loan queen for answering my question It is for $15,000 should be able to pay it all off in 3 years
Re: Re: Mortgage Credit Check? No problem...can you negotiate that balance with the state? Worth a try. Hate to see you have to wait to buy a home. Married? Does it show up on her report?
Re: Re: Mortgage Credit Check? I'm not married yet, I'm living home supporting my elderly mom, 3 yrs. is about the time frame that my g/f and I were thinking of marriage. I have not tried negotiating with the state yet, am keeping that option open. I might be able to offer them a lump sum by taking $$ loan from my 401k Thanks for your help Loan Queen!
