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01-21-2006, 06:45 PM | #2 |
Genious
Join Date: Aug 2000
Location: Colorado
Casino cash: $10012761
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hmm... those things should only go back 7 years if I'm not mistaken. Even if you pay it off now it will look bad that it took so long, but if you owe it you should pay it. Also, has this been an oustanding debt the whole time or something you've been making regular payments on?
Someone will loan you money pretty much no matter how bad your fico score is. |
Posts: 5,366
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01-21-2006, 06:45 PM | #3 |
American
Join Date: Jun 2003
Location: Overland Park
Casino cash: $10004925
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If it's from 1999 you will probably be better off to not pay it off until after you buy the house. It is important to see when the tradeline last reported. If it is still reporting it won't hurt you to pay it off, but if it hasn't reported for a few years paying it off may actually HURT your credit score. As the owner of a mortgage company, I can tell you that if it's only $139.00 it is not going to keep you from getting the house you want or the interest rate you deserve. Let me know if you have any other questions as I'm always happy to help the home buyers!
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01-21-2006, 06:50 PM | #4 |
Supporter
Join Date: Jun 2002
Casino cash: $2429714
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I have not been making payments on it because I didn't know the debt existed. My wife and I thought we paid it off years ago. It was last updated Dec 2005 so I guess I may as well pay it off. What is crazy is that our mailing address hasn't changed in 8 or 9 years and they haven't sent us anything for years, yet they're still reporting it to equifax.
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01-21-2006, 06:55 PM | #5 |
Beyond the Rapids
Join Date: May 2003
Location: Langley, VA
Casino cash: $-370000
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What status is that account in? If it's charged off as a bad debt, you can likely get that removed. Call up the creditor and offer to pay them the full amount immediately if they update it to "Paid as agreed". If it's gone to collections the agent will often do this. I don't know if the account has hit you with late payments, but creditors can remove those too.
Chargeoffs are the worst thing you can have on your report, but if you haven't paid the balance off yet, then you have room to bargain. |
Posts: 80,659
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01-21-2006, 09:00 PM | #6 |
Lurker Extraordinaire
Join Date: Oct 2000
Location: Wally World
Casino cash: $2373699
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It comes off as soon as you pay it.
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01-21-2006, 09:12 PM | #7 |
Giggitty!
Join Date: Apr 2005
Location: Missoula, Mt
Casino cash: $9914905
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I worked for Citibank in the mortgage division for 5 years, I can tell you that most underwriters will only go back 2 years on your CR, any outstanding debt has to be paid off, unless you go through a - cough - broker.
After paying it off, write the credit bureau and have them remove it, showing proof it's been paid - then you're good as gold, good luck with the new house!
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Times have changed, so have I, things are better now. |
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01-21-2006, 09:54 PM | #8 | |
American
Join Date: Jun 2003
Location: Overland Park
Casino cash: $10004925
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Quote:
**Cough** Fannie Mae now allows collections and chargeoffs up to $5000 to remain unpaid **Cough** Broker or Banker it doesn't matter.
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01-21-2006, 10:05 PM | #9 | |
Giggitty!
Join Date: Apr 2005
Location: Missoula, Mt
Casino cash: $9914905
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Quote:
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Times have changed, so have I, things are better now. |
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01-21-2006, 10:10 PM | #10 |
American
Join Date: Jun 2003
Location: Overland Park
Casino cash: $10004925
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Yes, I am. No you didn't hurt my feelings. Unfortunately there are a lot of bad brokers out there. But a good broker will always get you as good or a better deal than any bank.
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Many men go fishing all of their lives without knowing it is not fish they are after. ~Henry David Thoreau |
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01-21-2006, 10:13 PM | #11 | |
Giggitty!
Join Date: Apr 2005
Location: Missoula, Mt
Casino cash: $9914905
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Quote:
I disagree, but it doesn't matter; I'm out of the business now and won't go back to it. Crazy stuff that can be done now regardless, wouldn't you agree?
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Times have changed, so have I, things are better now. |
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01-21-2006, 10:15 PM | #12 |
American
Join Date: Jun 2003
Location: Overland Park
Casino cash: $10004925
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Oh yes I definately agree. Many people who have no business buying houses are being approved everyday for loans they won't be able to repay.
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Many men go fishing all of their lives without knowing it is not fish they are after. ~Henry David Thoreau |
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01-22-2006, 11:04 AM | #13 | |
King Shit of **** Mountain
Join Date: Aug 2000
Location: Texarkana, Texas
Casino cash: $2614497
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Quote:
So what's the advice for someone with clean credit who is suddenly getting collection notices on bullshit "delinquencies" that were disputed when they were initially charged? In particular, Bob Dole is suddently being harassed to pay AT&T cell phone charges for calls originating in Canada when Bob Dole was nowhere near Canada on the date of the calls (nearly 6 years ago), and being harassed for Sprint "minimum monthly long distance service" fees for long distance service Bob Dole cancelled when he received notification of the change from Sprint (over one year ago). |
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