I had a credit card account with FNBM that was opened in 1998 and charged off in 1999. It states Recent balance: $0 as of 5/2003. Since it states a $0 balance do I need to pay that off before I can receive a fha loan approval?
Does it say zero balance on all three reports? If so, you're in the clear and that issue won't stop you from getting your mortgage. On the other hand, if one of the reports says there is still a balance owing, then the underwriter will want verification. Good luck getting your home.
Mycroft, even with so many years of Hebrew school thirty+ years ago, I still can't translate a single line, lol. Regardless, Shabat Shalom! Doc
Great! Looks like you're good to go! Now all you have to do is meet minimum credit requirements, pass debt-to-income ratios, pony up your down payment and buy a house.
Doc, I'm coming to my Hebrew education late in life, odds are if I hadn't selected the prayer, I wouldn't be able to translate it any better than you. It's from the second chapter of Isaiah, the part that says, "Nation shall not rise against Nation, nor shall they study war anymore." It's a prayer that's been in my mind a lot given recent world events, and it seemed appropriate given the conflict I experienced my first few weeks visiting this board. I've been thinking of changing it to Mi sheberach, a prayer of comfort and healing for all the wounded credit profiles around here. That seems appropriate too. Barocha tov!
Actually your prayer seems appropriate for what is possibly a more important reason too -- the state of the world around us today. In any event, when you're ready, that second prayer may indeed be helpful vis-a-vis the specific tasks at hand here. Anyway, your rites of passage here were certainly no worse than mine were over at the "credit-repair" (with the hyphen) Yahoo group a few years ago. All I'll say about that is... whew. Oh, by the way, I was welcomed with outright hisses over on The Motley Fool's Consumer Credit board as well back in the good old days. Ironically a few years later The Motley Fool hired me to teach their popular "FICO 850" seminar, lol. So, my Mycroft, kindly remember that initial salvos don't always predict later receptions. Doc
Re: Re: Mycroft Agreed! World events had the prayer in my mind, that it seemed appropriate in other ways is only coincidence. Yes, I read a description of these events in a conversation over at creditboards.com. It got me thinking about how easy it is to judge people without learning enough about them first. True. It looks like all the critics went away.
