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Im trying to get a loan, wondering how much these past accounts will hurt me.

Im trying to get a loan, wondering how much these past accounts will hurt me....how bad does a 2001 repo(bal of 12,059) closed charged off , a credit card from 2001 with a balance of $1800. charge off, and a utility company that i forgot to pay when i moved out, but it has been paid( line reads paid). im trying to get a home loan, so i need to get the score as high as i can.

chrisburns's picture
chrisburns | Joined: November 13, 2007 07:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The repo is the worst one obviously. What are your current credit scores?

If they are over 620 and your property is in an approved zone you may qualify for a USDA loan. They have a credit waiver for people with 620+ middle scores so it wouldn't even be an issue!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

jasonmatherne4's picture
jasonmatherne4 | Joined: February 26, 2009 04:55 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

well i have 2 credit cards tha were charged off from 2005 & 2007 that i paid in full and had the creditors agree in writing to change lines to paid never late and a cable company form my past move for $135 that i paid, they agreed to fully delete.

so basically my score right now is 561
how much do you think itll come up after 1 negative being completely deleted
2 negatives turned to positives
and 1 negative paid in full( utillity bill)

also 1 of the credit cards thats negative right now is listed by the card co. as closed collection, and listed again by a collection co. they said the collection co line will be deleted and the card co will read paid.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jasonmatherne,

A credit score of 561 is considered as a low score by the lenders. Though your negatives are removed from your credit report, it will take some time to improve your credit score.

As far as home loan is considered, in order to get a FHA loan, you will require a credit score of at least 580. Apart from this, there should be no collections or late payments on your credit report. If you are planning to get a conventional loan, then you will require a credit score of 650-680.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

chrisburns's picture
chrisburns | Joined: November 13, 2007 07:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It sounds like you have been working hard.

If your credit score does not yet reflect all of those changes then you may already be where you need to be!

You should sign up with a service like truecredit.com. I use them personally. It's only $14/month and you can pull your credit daily if you want from all three credit bureaus with no inquiry on your credit. This will allow you to make sure that they people you have settleed with are updating the status of your credit accounts with them and also see where you are with the scores.

I hope that helps. Please don't hesitate to ask any further questions. I have a feeling you will be a homeowner very soon! keep up the fight with those credit comapnies and don't forget that you need to have a few positive tradelines repoting if possible.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

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