pinkeysas Posted April 11, 2007 Report Share Posted April 11, 2007 Trying to get approved for a mortgage so Im doing what I can to clean my CR's up. I have two different types of accounts that I am trying to fix they are:1.)I paid some CA's (before finding this site) and they are now listed on my reports as "charge offs" or "settled for less that full amount".2.)I also have some CLOSED accounts such as Kohls and a Credit Union where I had a car loan where on both of them I was 60 or 90 days late on payments back in 2004. These accounts are now closed and paid but still being reported on my CR's showing my lates.Both of these types of accounts ive listed above are being reported on my CR's as NEGATIVE ACCOUNTS. So i sent out goodwill letters to the ceos hoping to get them deleted. But now I am hearing that if they delete this may drop my scores!!!!!Did I just make a big mistake so close to wanting a mortgage??? Link to comment Share on other sites More sharing options...
firstsource Posted April 11, 2007 Report Share Posted April 11, 2007 1) I would dispute the tradelines that are reporting as charge offs if you recently paid them off. Get the companies to send you a letter saying that you had paid them as you will need that verificiation when you send the info to the credit bureaus. It will be good for your loan officer to have that information also. It might not be needed, but if it is you won't be rushing around at the last minute. 2) the creditors are reporting reality, but you may get good results from your sending off goodwill letters. Can not hurt that is for sure.3) The credit bureaus score models are secrets, but they do give weight to a really old account, even if it is bad. Yes, your score can go down when a 7 year old "baddie" goes off your report. I am glad you found this site and that it is helpful to you. Keep us informed as you have more questions and lets us know how your mortgage experience goes.Charles Link to comment Share on other sites More sharing options...
amortgageman Posted April 12, 2007 Report Share Posted April 12, 2007 Did I just make a big mistake so close to wanting a mortgage???It really depends on the depth of your credit file. If you have a thin file and they do delete for you, you stand the possibility of hurting yourself on scores and a good three or four year trade history (car).Let me emphasise the fact that just because an account shows negative information, it really could be helping your credit score. I've seen people come in to the other parts of the forum and wonder why their score dropped when they had a negative tradeline removed, and it is my suspicion that this is exactly what happens. If you have five or six positive tradelines open and active, it would probably not hurt your score though. It is just the thin files that get hammered. Link to comment Share on other sites More sharing options...
mattandallismom Posted April 14, 2007 Report Share Posted April 14, 2007 FYI My score went down almost 20 points by messing with my CR on EX the other 2 were as high as my EX when I started. If you're planning on having your report pulled fairly soon I would suggest waiting to see what your lender has to say. Good luck!!! Link to comment Share on other sites More sharing options...
melisadawn Posted April 14, 2007 Report Share Posted April 14, 2007 Our realtor had an in office lender. I pulled my reports from myfico and asked what could be done with it before I let them pull. He let us know with scores best bet was FHA. There were a few med. collections had to be paid. CA faxed paid in full letter upon money gram received. There was also an old semi truck showing a balance which was wrong and had to dispute and write goodwill letter for underwriter. I recommend when trying for loan take reports with you. Our lender did not pull till we were ready. Link to comment Share on other sites More sharing options...
pinkeysas Posted April 17, 2007 Author Report Share Posted April 17, 2007 Can you still try to get pre-approved without them pulling your reports?For example I just pulled our CR's in early March but no scores just reports. The last time I pulled our scores was last July.Can they go off of that info for a preapproval?Im assuming not but thought i'd ask what happened in your situation. Link to comment Share on other sites More sharing options...
amortgageman Posted April 17, 2007 Report Share Posted April 17, 2007 Can you still try to get pre-approved without them pulling your reports?For example I just pulled our CR's in early March but no scores just reports. The last time I pulled our scores was last July.Can they go off of that info for a preapproval?Im assuming not but thought i'd ask what happened in your situation.A preapproval requires a review of you credit report, and the lender will tell you what type of mortgage you will be approved for (subject to property conditions, i.e. title, appraisal).A prequalification is different, since it only requires a review of monthly obligations, income, and debt ratios. With a prequalification, a lender can use your word about the collections, and advise you from that point, as to what you MAY be approved for.In short, a preapproval requires the facts. Brings to mind the old addage, "I believe everything you are telling me, now prove it." The only real proof is the credit report the loan officer pulls, and the one the lender pulls. Link to comment Share on other sites More sharing options...
amortgageman Posted April 17, 2007 Report Share Posted April 17, 2007 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=265360Pinkeysas,Can you go ahead and pay these collections? If you can, and you want get terms o your mortgage, this will be in your best interest. Link to comment Share on other sites More sharing options...
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