Posted on: 10th Oct, 2008 10:18 am
Hello Everyone,
I am a newbie. I hope I ask this correctly. I live in Arkansas and am wanting to buy a home in the next 12 months. I have 2 paid/settle chargeoffs on my credit report. I also have 2 unpaid chargeoffs in the total amount of $18,000. They have both been sold to someone else. No CA's are listed on my credit report. I don't know who owns them now. Those are the only negatives I have. They are all 4 years old and will come off in Summer 2011. I want to start preparing now to better my chances for getting approved. I have a credit score of 680 and make $40,000 a year. I live in an apartment and spend a total on rent, utitilites, food etc. of around $800.00 month. I have 4 open accounts. I have a Visa I use but pay off every month. The others are all carry no balance. I have 24 other accounts that are all listed paid/never late on my credit report. I am sorry this is so long. I am trying to give you enough information to answer my question. I want to know what should I do about the chargeoffs that were never paid. Thanks in advance for your help and advice.
I am a newbie. I hope I ask this correctly. I live in Arkansas and am wanting to buy a home in the next 12 months. I have 2 paid/settle chargeoffs on my credit report. I also have 2 unpaid chargeoffs in the total amount of $18,000. They have both been sold to someone else. No CA's are listed on my credit report. I don't know who owns them now. Those are the only negatives I have. They are all 4 years old and will come off in Summer 2011. I want to start preparing now to better my chances for getting approved. I have a credit score of 680 and make $40,000 a year. I live in an apartment and spend a total on rent, utitilites, food etc. of around $800.00 month. I have 4 open accounts. I have a Visa I use but pay off every month. The others are all carry no balance. I have 24 other accounts that are all listed paid/never late on my credit report. I am sorry this is so long. I am trying to give you enough information to answer my question. I want to know what should I do about the chargeoffs that were never paid. Thanks in advance for your help and advice.
Hi pe!
Welcome to forums!
If you have a charge off on your credit report, you will have to pay it off otherwise, it will be considered as lien on the property. If you cannot pay it off in full, you should at least pay it off partially. If you don't there are chances that you will be denied loan.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you have a charge off on your credit report, you will have to pay it off otherwise, it will be considered as lien on the property. If you cannot pay it off in full, you should at least pay it off partially. If you don't there are chances that you will be denied loan.
Feel free to ask if you have further queries.
Sussane
Hi pe,
I understand the situation. Perhaps you're willing to pay for the charged-off accounts or settle them. But you're not aware of the collection agencies to whom you should pay. And it's quite strange that the CAs have also not contacted you for the payment. May be they'll do it after some time...who knows. So, it's better to contact the original creditor and request him to pass on the names of the CAs so that you can make payment/settle the charged-off accounts.
When it comes to getting a mortgage, paying off charged-off accounts is indeed important.
Good luck
I understand the situation. Perhaps you're willing to pay for the charged-off accounts or settle them. But you're not aware of the collection agencies to whom you should pay. And it's quite strange that the CAs have also not contacted you for the payment. May be they'll do it after some time...who knows. So, it's better to contact the original creditor and request him to pass on the names of the CAs so that you can make payment/settle the charged-off accounts.
When it comes to getting a mortgage, paying off charged-off accounts is indeed important.
Good luck
Hello Pe...
You have good scores and it seems you are really working hard to maintain the scores. Well talking about charge offs, I will suggest you to hire a repair agency to dispute it or just try disputing it yourself. Just try "www.creditboostdirect.com/". Best Luck
Link deactivated as per forum rules. Thanks.
You have good scores and it seems you are really working hard to maintain the scores. Well talking about charge offs, I will suggest you to hire a repair agency to dispute it or just try disputing it yourself. Just try "www.creditboostdirect.com/". Best Luck
Link deactivated as per forum rules. Thanks.