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Jena29

What if...Credit Score vs. Baddies

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I have actually made some great progress on my credit score this year. Since the beginning of January, I have jumped from 560 to 610- 50 Points!  The mortgage broker that was helping me said once we were at 640 we can try to apply.

 

The issue is, most of that credit increase was due to building new credit. I still have a bunch of baddies from 2007-2008. These are chargeoffs and collections- some reporting zero balance and some with a balance.  Not sure if we should use our savings to take care of all that stuff or keep saving for a down payment on a home?

 

So, if I get my score to 640 or better, with some baddies still on my report, can we get preapproved, or does all bad stuff need removed or paid??  (looking to go FHA or VA)

 

 

 

 

 

 

 

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Chances are the mortgage underwriter is going to want the baddies taken care of. 

 

Be careful on how  you go about that,  The ones with a $0 balance have probably been sold to junk debt buyers (JDBs). 

 

The others are still owned by the orignal creditor.

 

Do a lot of reading in the "Debt Settlement" forum...

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