OK, my head is spinning. I've been reading and re-reading the boards for several weeks and I'm not sure where to begin. I want to get qualified for an FHA loan within the next few months and, after speaking to a broker, she told me that my mid-score needs to be at least 600. My scores are currently TU-506, Equifax-543, Experian-595. I have several charge offs on my report and a couple of collections. The collections I'm paying off. As for the charge offs, won't they still show up even if they are paid? I guess my general question is, where do I go from here. The collections I'm not worried about because they'll be taken care of in a couple of months. Should I try to validate the charge offs in hopes of getting them removed? I feel like I'm pretty intelligent, but I'm just not getting the whole process. Any help will be appreciated!
With mortgages that i do with people in your situation..you are not far off with your scores. In fact you only would need a 560-580 to get a deal on a mortgage. How old is your collections accounts? when was the last time it was paid?
OK, here's what I have left to take care of (it's a lot!) Collection #1 - 4/01 Last Activity Collection #2 - 6/01 Last Activity Collection #3 - 1/02 Last Activity Collection #4 - 1/02 Last Activity Charge Off #1 - 4/01 Last Activity Charge Off #2 - 9/02 Last Activity Charge Off #3 - 9/01 Last Activity Charge Off #4 - 8/01 Last Activity Charge Off #5 - 4/02 Last Activity Charge Off #6 - 5/01 Last Activity Charge Off #7 - 3/01 Last Activity Charge Off #8 - 4/01 Last Activity Obviously 2001 and 2002 weren't good years. I've made huge mistakes, but I'm finally taking some responsibility. I guess I just want to know what the best route is to get rid of all of this crap. I know I can qualify for a mortgage, I've already called some sub prime companies, but it's worth it to me to wait a few months and get a better interest rate and lower down payment through FHA.
in my honest opinion i would dispute the information being that its that far past due, but i know that i will be corrected by someone out there.
First find out what the statute of limitations is in your state. Where I'm at (Florida) it is four years. If these collection and charge off accounts are out of your statute of limitations, or are for small amounts, you have nothing to lose (but postage) for disputing them. I've been helping a friend with her credit so her and her husband can get a mortgage. On our first round we disputed 11 items with Experian, 5 of those items were deleted. We're waiting for our results from EQ and TU right now.
OK, so at the risk of sounded stupid...I just send a dispute letter to the CRA's? What's my reason for disputing them? I mean the SOL only makes it to where no one can sue me for the debt, it's still mine...right??
