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booker
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Post subject: mortgage |
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| is it possible to secure a mortgage (fha loan) with a low credit score I have several brokers telling me that even though I have a low score if i paid off two credit cards with balances of 300 dollars on each that they could get me rescored rapidly and get my loan approved. Now my concern is that possible or should I run like the wind? |
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booker
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Post subject: help anybody |
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| anyone with any insight on this issue? |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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Post subject: |
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You can get approved by FHA BUT FHA has a few guidelines you may have to meet. Also, there's a lot of lenders that a minimum credit score requirement which is 580.
Have you been late in the last 12months for any credit accounts?
What major derogs do you have? (BK, foreclosure, collections, judgements, etc)
_________________
Mortgage Refinance
Loan Modification
North Carolina Mortgage Rates |
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Dee
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Post subject: DEPT Collection |
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| I keep getting a call from a collection agency stating that I owe for a Montgomery ward credit card dept dating back to 1996. The account was charged off and had been off my credit report. I have no plans to pay this dept because it is so old and I have never gotten any bills from any collection agencies since 1996. Should I worry about going to court and having to pay this dept. |
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Susanne
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Post subject: |
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Hi Dee!
Welcome to Forums!
Charge off does not mean that your mortgage has been wiped off. It only means that the original lender has given up on your loans and has sold to it to a collection agency who will ask you to pay the loan. I think you are facing this situation. Try and pay off your debts. |
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TexT
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Post subject: Dee |
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| Dee, I wouldn't pay an account that old, it will show back up and start re calculating for another 7 years,,if it's already on there, ask if you pay it if they will delete it..it they agree,,get it in writing 1st. |
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anonymous08
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Post subject: auto loan charge off |
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| i got an auto loan about three years ago from Americredit. i paid on it, and my account was "ok" for awhile. i had surgery two years ago, and subsequently lost my job. the company charged off the account after i was late in paying (90 days). i moved up north, and got another job, and things are alot better. the company i received the auto loan from has stopped my ability to pay online. i know if i try to call them, they will want an unreasonable amount of money "up front." i have two kids and cannot afford to give over "everything" i know Americredit will want, and we were on the verge of being homeless before every other week. it has been difficult to recover. i don't want to get sued, but i don't know how to (or where to go) to clear this thing up. how can i find someone who will know what to do? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
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Post subject: |
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Hi anonymous!
You said that Americredit has charged off your loan. This means Americredit is no longer your lender. It has sold off the debts to a collection agency who will receive the dues from you. You can contact Americredit and know about the collection agency to whom they have charged it off. Then you can contact with the collection agency and pay off the dues.
Thanks,
Jerry |
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gterrel371
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Post subject: Creditor Shows i Owe |
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| NATIONSTAR was the original creditor, who wasted time doing a plan for me through a realtor who bought the house from up under me. My report shows that I owe over 50K to PINNACLE CREDIT. The house was sold so what am I to do. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
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Post subject: |
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Hi gterrel!
I think the sale of the property was not reported to the credit bureau. You can contact the credit bureau and report the sale of the property. You can also contact Pinnacle Credit and inform them about the sale of the property.
Thanks. |
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ginam
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Post subject: charge off and new collection |
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| can a recent charge off and a new collection for the charge off exist on your credit report. I had a charge off in Dec 2008 and now i have a colleciton agency that reported the same thing on my credit report how can i dispute this or take this off my credit report |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi ginam,
If a particular charge off is reported twice in your credit report, you can contact the credit bureau and try to remove it. You can also contact your collection agency who can directly speak to the bureaus and get it removed.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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ginam, let me get this straight. you didn't pay your credit card bill, so they charged off the account. right?
subsequently, they decided to obtain the services of a collection agency to try to get the debt paid. right?
now...both the credit card company and the collection agency show up as creditors on your credit report. the credit card company can actually close its books on this account if it so chooses. the reality of it, of course, is that you still owe the amount shown.
as for the collection agency, they'll continue to report your balance due until that balance due goes away.
if you have not repaid the debt, there is no reason for either of these companies to "remove" the references on your credit report.
once you make payment in full, your credit report should reflect that these accounts have been paid in full. there's no reason why they would necessarily remove the references altogether (though they could if they wished).
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George M. Akerley
Loan Consultant
860-221-5044 |
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willhas
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Post subject: |
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| Hi i had a creditor card charge off in 2005, a few days ago i recieved a collections notice from NCO financial systems, should i pay this old debt or just ignore it? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi willhas,
It would be good if you could pay off the credit card debt now. This will have a positive effect on your credit report.
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Procrastination is the enemy of your financial sucess |
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