my wife an I were buying a house and one week before we closed our financing fell through. My rate is 550 average and my wifes is 603. We were supposed to close next week. Anyway I want to clean up my reports. We have about four or five items that show a balance that are derogatory but are in fact paid off , and about three for four mltiple postings of the same couple of things.And One charge off , what is the best way to attack this. Thank you very much, Encry
Didn't you know about all of this before you applied? (We have about four or five items that show a balance that are derogatory but are in fact paid off) What does their being paid off have to do with it?
Some people say that validation is the way to go others say just deny it all together, I also read that if you say that an item is paid off and the cra doesn't get a response from the ca during the investigation the item then becomes a positive item rather than getting deleted? ibrown59 the relevance of those items that are paid off is "they are in fact not derogatory".So what's my best course of action? Is it best to get their actual status updated or shoot to get them removed entirely? I don't know that's why I'm asking. I've read a lot of information but I was hoping that because I've been told and read different strategies I was hoping to get information from people with experience and knowledge regarding this subject such as yourselves. and maybe you guys can save me five to ten hours of research in the mean time. also, No I didn't know the details nor did I really care as much about the details til now. I really just saw my report for the first time a few days ago. I just turned 25 so I'd like to fix this before I get any older. I was extremely irresponsible my first few years out of high school. Thank you very much Encry
also the item that says charged off also says paid off. So how can it be charged off if it was paid off? Does that make sense? Thank you encry
Re: Re: Newbie who needs help! The item that says charged off also says paid off. So how can it be charged off if it was paid off? *Does that make Sense. encry ===================== *Sure does! A charge off is an accounting term. When you fail to pay as Agreed after a certain time they charge it off and report it to the CRAS. A charge off is a Derog. because it indicates that you defaulted by not paying as originally agreed. When you pay after a charge off you are merrily paying the charge off which is not as originally agreed. Paying the charge off does not erase the fact that you defaulted on the original agreement. This is why you can't just simply pay the creditor and make a Neg. item go away. It's also why a paid charge off is no better than an un paid one on your reports. Whither or not you pay the charge off has nothing to do with the fact you defaulted. Simply paying the charge off will not change that fact. Never read the fine print. There ain't no way you're going to like it.
Re: Re: Newbie who needs help! Since I've paid that off it doesn't make since to dispute it so should I ask for validation. Just an update about my situation I ended up getting the house with a $350 a month PMI payment because of my credit rating. So i need to clean my report up as soon as possible so I can get that PMI down to a reasonable level. Thank you
Re: Re: Newbie who needs help! If you've paid it, a validation really won't do you much good. It's better to dispute it with the CRAs as "not mine." What you hope is that since it's paid off, the CA won't bother to validate it to the credit bureau, and they'll remove it. What does the PMI payment have to do with your credit? Are you sure you understood that correctly? Normally, PMI is required when you have less than 20% equity in your home. Depending on the type of loan, you may be able to get it removed when your equity exceeds 20%. This can happen because you pay some of the balance or because of appreciation, or both.
Re: Re: Newbie who needs help! ****************************************************** NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ******************************************************* > 1*my wife an I were buying a house and one week before we closed our financing fell through. 2*We have about four or five items that show a balance that are derogatory but are in fact paid off. 3*and about three for four mltiple postings of the same couple of things. Encry ********************* 1*Why did it fall through? 2*A neg is a neg.Paying them off does not change it to a Positive.Dispute with the cra AS Not MINE. 3*Dispute as duplicate with CRA.
Re: Re: Re: Newbie who needs help! What is PMI? We are planning on having a new home constructed after we get married so I might have to know what some of the real estate terms mean.
Re: Re: Re: Re: Newbie who needs help! Private Mortgage Insurance. Sincerely, L Brown 59 Owner of - BUDGET HOMES CO. for 31 Years
Re: Re: Re: Re: Re: Newbie who needs help! OK. What does private mortgage insurance do for the purchaser of the home?
: Newbie who needs help! ****************************************************** NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ******************************************************* >KK you're sorta like Doc. He don't know it all no matter what he says about me. And You don't know everything even though I'm not a CA. LOL >_>_>_>_>_.-_>->->- Just thought I'd toss this out and watch what the sharks did with it! lol
