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? Mortgage With A CO


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Hi everybody.

Very new at this and starting to think about a house.

Question about getting a mortgage with a CO...

The OC on a large CC CO (listed as $8000) shows as $0 on the CR.

I already know this is because they sold the debt to a CA and must show $0.

It has been around 4 years and none of the CA's purchasing the debt has made an entry on the CR.

Therefore, the only entry (ugly to be sure) is from the OC for the CO of HIGH BALANCE $8000. PAST DUE $0.

Not mine dispute was verified. Blah!

Does this have to be satisfied with most lenders? BTW the OC is out of business. There is no OC.

The rest of this CR is fine. EX FICO 670.

Thank you for any help! I need it.

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If it is reflecting zero balance; as far as a lender whould know it is paid, unless the new owner starts reporting the debt.

Usually informing the CRA of that fact that the original creditor has gone out of business would result in the tradeline being removed.

Now, sometimes a collection agency purchasing out the creditors will take over their membership number with the CRA and continue to verify all tradelines disputed (that might just be your case here why it is being verified).

But that still don't make since to me that the balance is showing zero, and past due zero. Usually when a company takes over ownership of another they have been known to leave the balance reporting and just pick up where the Original Creditor left off.

Example is Hileg Meyer - their tradelines still show balances so whenever someone tries to dispute, it always gets verified. Because the collection agency Master Trust is hiding behind their membership number with the CRA. In this case it is a trap (so they can continue collection activty once you make yourself known).

You can call the CRA to get the address for the member that is reporting; and see exactly where it leads you back to that is for sure.

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Kb,

Shortly after the CR updated as valid (rats!) a law firm contact me by letter. They represent World Wide a$$. Management, LLC.

They provided a trumped up balance then offered to settle for 80% of that.

CR OC entry says charged off with Balance $0. Status: R9

***On PG it indicates chargeoff/ placed for collection/bad debt/skip

BUT ALSO ON PG $0 BALANCE AND ALL GREEN "OK" For payment history.

I simply do not have the ability (yet) to understand and/or decode all of this.

Some of your previous advice allowed me to go from a 11% auto loan to a 1.9% auto loan. About three months of learning from this board- you were a big part of that.

xxxooo

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Several comments:

1) You can get a loan, you may be able to get a loan from a prime lender with a letter of explaination, or you may end up with a level 1 (higher rate/increased risk)

If that does not work, there are several lenders in the sub-prime world that don't consider any collections/chargoffs after they are 2 years old or more.

2) I think that if you offered them 20% with a request that they report as "paid collection account" that they would come back to you at 30-40%.

They probably bought the account at 10%, so are profitable at this point.

Charles

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Some of your previous advice allowed me to go from a 11% auto loan to a 1.9% auto loan. About three months of learning from this board- you were a big part of that.

That is great news, I did not get that good of a deal, lol

But yea, Charles has pretty good insight on this matters with age and where you might shoot on negotiating pay off on this part.

Hope all goes well for your, :p

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Kb,

Yes, TU FICO 590 to 720 = 3 CO's falling off on dispute and the establishment of two CC TL's.

Got best auto loan rate from the factory.

It's a fine line how much to push.

The CC OC is DOA. The CA may not have an accurate picture on DV. Then again, the CA isn't reporting and not intending to sue best I can tell. I think I'll dispute one more time in a few months before anything else.

Anyone know what "R9" means on CR? R9 = Bad boy?

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Boy, you sure did clean house on your score. :p

The R9:

R = Revolving Account

9 = Charge off

Yup - bad boy, you got there.

I = Installment Loan

I know 1 is the number you want across the board that is currant as agreed, then 2 is 30 day late, 3 is 60 days late, 4 is 90 days late... all the way up to that 9 being the worse rating.

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