i'm in the process of trying to get a home loan. i have good credit and my husband has fair credit. the loan
by Author on Tuesday, May 25th, 2010 | 6 Comments
officer contacted me saying that i needed to get some of the stuff on my husband's credit report cleared up. the lady isn't in the office right now and i'd like to know if you need EVERYTHING in your credit history to be paid off before you can be approved for a loan?!?! his accounts that have been put in collection total less than 2000. does the loan officer lady really want us to pay that stuff off? those delinquent accounts were opened up by my husband's mom wayyy back in 1999.
please let me know what you think.
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not everything, but clean it up. http://www.creditinfocenter.com
I think you might want to wait.
When did the accounts go delinquent?
The reason I ask is that 7-years from that date they will drop off your Husbands credit report. So if that time is close, wait until they have dropped off and apply again and save the $2,000.00.
Or if the accounts were really opened by his Mom, dispute them and have them removed.
yes, pay them off. It’s only $2,000 then he can have pretty good credit..why not. And if your trying to buy a house, you should have extra money put away, just use that money to pay it off.
Vernylee669 , i agree with the last opinion to wait , coz you
are not going to lose any thing but if you did that now you will
lose this 2000 dollars , how ever if you need to find out some
reasonable home loans so that you can go around this go to
Only Best Deals blog its all ablout Credit and Loans , i am
sorry i cant type the link here , so open google and type this
phrase as it is :
Only Best Deals
now in search results the first line a blog called Only Best
Deals open it and please remember to use the top search
box which must lead you directly to Home Loan Posts , i
hope this help you .
Look at it from the loan officer’s point of view. She is looking to approve a couple for a substantial amount of money. Then she is looking at your history and here are some old debts that are just a few thousand dollars that went into collection.
It would make her feel a lot better if she knew that you were starting her loan with a clear history that would not put her loan in more risk. Your troubled financial history is a flag to her that you pose more risk to her loan than if it was clear. So if you were to go back and clean all that up at least you would be on a clear slate when she started your loan.
Also with all the trouble in mortgage lending lately companies are tightening down on their loans. Good luck.
If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/