Charge off is stopping me from getting a loan
Date: Thu, 08/05/2010 - 11:53
dispute the tradelines directly with the credit bureaus. Provid
dispute the tradelines directly with the credit bureaus. Provide the paid in full letters from the creditors and they will change it. But it may not change your ability to get a loan however. It will depend on how long it was and what your current credit score is.
Quote:Originally Posted by juliemurray76i signed up with a debt
Quote:
Originally Posted by juliemurray76 i signed up with a debt settlement company and settled my two accounts... however the two accounts are showing as a charge -off instead of settled, what can i do to change it from a charge off to settle? |
You can be BOTH settled and charged off. I have a couple that are that way. In any event, if you believed you were going to be able to get a mortgage or loan after you settled debt for less than full balance, you were mistaken or misled. I have a friend who was turned down for a couple of late mortgage payments and nothing worse. In this economic climate, few can get loans if they aren't clean credit.
Just dispute the debt with all 3 credit bureaus. Keep doing thi
Just dispute the debt with all 3 credit bureaus. Keep doing this and it will eventually fall off, although it will take months or years.
On mortgage loans, FHA guidelines are no late payments on ANYTHI
On mortgage loans, FHA guidelines are no late payments on ANYTHING in the previous 12 months. In month 13 if your score is at least a 660 (some lenders are min. 680) then you become eligible for a mortgage, BUT the underwriter has full discretion on whether or not to issue the loan. So if he/she looks at the report and feels that you are not a good risk based on past performance you are toast.
Dan, Did your report discrepancy on the settled AMEX account ge
Dan,
Did your report discrepancy on the settled AMEX account get corrected, or does it still show settled with a balance owed?
Mileage may vary
Never mind Dan. I just read your post on a thread further down.
Never mind Dan. I just read your post on a thread further down.
Best,