Re: How bad is bad??

Posted by roni on October 17, 2000 at 15:36:17:

In Reply to: How bad is bad?? posted by Dustin on October 17, 2000 at 15:34:13:

Ok,
your credit is bad and good. It is bad in the sense
that the charge offs are recent and they will keep
you from getting a prime credit card for a while.
However, 2 years from now with no new delinquencies
you are in good shape to buy a home. Traditional
lenders will not touch someone unless charge offs
are paid. However there are many lenders (like HUD)
which will not require them to be paid. Since you
stated you would pay them in 2 years you will have
no problem. The only thing you have to consider
from this point on is to increase your credit score.
Paying the debts will not increase your score.
Establishing new tradelines with a positive rating
will increase your score. You must also get a copy
of your credit report and dispute any inaccurate
items. Never forget before paying any old debt to
negotiate with the lender. Very possible for you
to get the charge offs deleted or unrated. this will
help your score. Check out a credit repair book.
Good Luck!

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