Posted on: 03rd Mar, 2009 08:53 pm
I am 24 years old. My FICO score is very low, I have a few credit card charge-offs, and one in collections. If I don't pay will they come off my credit in 7 years? Will the owner of my debt be able to put it back on my report?
I am a Residential Contractor, I am trying to buy a house to rebuild in my area, rehab. If there is equity in the house (created through sweat) will a lender touch me with a very bad credit score?
I am a Residential Contractor, I am trying to buy a house to rebuild in my area, rehab. If there is equity in the house (created through sweat) will a lender touch me with a very bad credit score?
they will put it on the report. but you need to clarify them (credit bureau) and convince them.
lender will surely come behind your (created through sweat) assets. discuss with them.you will surely get the way out. Plz do not avoid them :wink:
lender will surely come behind your (created through sweat) assets. discuss with them.you will surely get the way out. Plz do not avoid them :wink:
Hi JML
Anything negative such a collections, late payments, charge offs etc will stay on your credit report for 7 years. After 7 years, these negatives will be removed from your credit report. As you have a bad credit score, it will be difficult for you to get a loan though you have equity in the property. You will have to improve your credit first in order to qualify for a loan. To know more about ways to improve credit, check out the information available in the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks.
Anything negative such a collections, late payments, charge offs etc will stay on your credit report for 7 years. After 7 years, these negatives will be removed from your credit report. As you have a bad credit score, it will be difficult for you to get a loan though you have equity in the property. You will have to improve your credit first in order to qualify for a loan. To know more about ways to improve credit, check out the information available in the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks.
if you happen to find a lender who'll work with you despite poor credit, you can count on paying an extremely high interest rate. furthermore, for the next 7 years, you'll be in the same boat.
What do you consider horrible credit? A few days ago lenders were going to 580. But that flucuates when they want it to, currently at 620.
If you do manage to get a loan, any collections over $1000 would have to be paid through the close of the loan. FHA Guidelines. Which if you have a low credit score, this would be the only way you qualify.
If you do manage to get a loan, any collections over $1000 would have to be paid through the close of the loan. FHA Guidelines. Which if you have a low credit score, this would be the only way you qualify.
keep in mind that guidelines are simply that, and that far more underwriters than not are afraid to approve anything that doesn't require every collection to be paid off.
at least here in our world.
at least here in our world.