Recently, I've fallen into some really hard times with being in the military and recently divorced, now a single mother with no child support. Three of my bills have now become past due and one is being reports as 90 + days past due. I'm getting a very big paycheck in the next couple of months from seperating from the military and will be paying off all my debts. I'm wondering if this will help out my credit enough for me to qualify for a mortgage. Please let me know your opinion. Thank you
Yes, this will help you credit, depending on your current scores and what is on your credit reports you may get the loan, They may want a letter stating why it happened for the underwriter. 'Kane
I had the same problem when I was released from the military in 93. I'll give you a quick synopsis of what happened with me. I was overseas, and transferred about 3 or 4 times before reaching Orlando, where I was finally given a nice lump sum, cut loose and honorably discharged. During that time, no mail was received by me because of so much moving around...I fell behind on every single credit card I had, and a loan. To handle the situation, when I got home, I wrote letters to each creditor as well as called them. I explained I was in the military, and had a terrible time of keeping track of mail and bills because of my situation. They thanked me for calling and explaining, and updated every record to pays as agreed with no derogs as soon as payment was received. I would recommend doing the same thing I did, call your creditors, explain the situation (people are really willing to work service members, especially now). If the first person doesn't work, ask another. Keep asking til they accept to drop the derogs...I am sure they will Good luck.
FA welcome.. sorry about your troubles... How long did you serve in the military? do you know anything about your VA benefits?? Will you have an opportunity to (ACAP) <--Thats if you are Army
i've served for three years and four months right now, and my va benefits say that the va will back my loan, but i still have to qualify for the loan all by myself before they'll back me. I'm not in the army, I'm in the marines.
