Posted on: 19th Jan, 2012 01:09 am
My husband and I are planning to buy a home. Now we have already started to save up money for the down payment and closing costs. We have good income and my credit scores are also good but my husband's is pretty ugly – below 630. He also has some old debts and I was wondering if old debt is a major problem when in comes to FHA loans? All of these debts are at least 3 years old.
There are others who may be dazzled by all the credit and may easily end up making lots of purchases on credit while making the minimum payments on their cards. Then, one day they realize just how much debt they are in. This is when one needs a debt consolidation loan to get out of a bad credit situation.
:idea:
:idea:
old debts are a part of your credit history and will have an impact.
the older the debt.... the less it hurts.
i recommend people NOT pay old collections until AFTER you get your mortgage loan. paying them could lower your scores and make the bad stuff look more recent.
the older the debt.... the less it hurts.
i recommend people NOT pay old collections until AFTER you get your mortgage loan. paying them could lower your scores and make the bad stuff look more recent.
