uncabuzzy Posted November 10, 2005 Report Share Posted November 10, 2005 Situation: four charge offs and I want to buy a house.Question: How do I do that and where do I start?Please don't use any abbreviations like CA and CCR and that kinda lingo, I have no idea what they stand for...HELP!Thanks... Link to comment Share on other sites More sharing options...
Ahntara Posted November 10, 2005 Report Share Posted November 10, 2005 Do you have any other credit history besides 4 CO's (charge offs)?If not, you need to obtain some credit and begin building a positive payment history. This part depends not just upon your goal of buying a house, but also on your time frame. If the sooner the better, then your best shot at building history is to "borrow" some, by being added as an AU (Authorized User) to an existing account. Preferably the account is very old, paid as agreed, with low utilization (the ratio of balance to available credit {indicates positive risk}).If that is not possible for you or if you have 12-24 mos, then opening two secured CC's (credit cards) are a good starting point.Have you obtained copies of your consumer file from all three CRA's (credit reporting agencies)? Link to comment Share on other sites More sharing options...
miracle Posted November 10, 2005 Report Share Posted November 10, 2005 Welcome Unca!!!! Here is a good place to start:http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=3838it will help decipher what we are all talking about. It is a bit confusing at first but once you get the hang of it, it will be a snap. Before jumping directly into doing things I would start by making yourself familiar with the site and the information contained in it.. THEN make your battle plan(as Ahntara has already said) by pulling your credit reports from the big three and tearing them apart.Hang in there.. Keep reading and ask questions as they come. You will do just great!! Good Luck! -Jenn Link to comment Share on other sites More sharing options...
uncabuzzy Posted November 10, 2005 Author Report Share Posted November 10, 2005 I have a copy of all three reports...what next? Is it better to pay in full or negoiate a settlement for less? What would settling do to my chances of a successful mortgage loan? Link to comment Share on other sites More sharing options...
miracle Posted November 10, 2005 Report Share Posted November 10, 2005 You are going to want to negotiate "Pay For Delete" or PFD. Link to comment Share on other sites More sharing options...
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