Fiance's credit. & home loan.?
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Posted by Frustrated
(24.52.171.187) on June 08, 2003 at 21:36:52:
Hello, Me again. I figured since I was here I could get some advice on my fiance's credit, if you all dont mind. :) My fiance has some old charge offs between 2-3 years old. They are stopping us from getting a home loan. Okay...See, I have ok credit, I had 1 thing go into the credit berau (sp?) it was for $400. I paid that off last year. It was a charge off, I looked them up myself and took the responsibility to pay it off. I also had 5 credit cards and was never late. I just paid them all off and closed them all out. I want my credit totally free for a home loan. So I think my credit is ok maybe even good? BUT.. I only get SSI. My fiance works and makes a fair amount but has bad credit. We did find ONE lender willing to give us a loan, he wanted a years worth of cashed rent checks. But I always pay my rent in cash. I've lived here for 11 years, I didn't think I needed to do that, I trust my land lord. I know he wouldnt say I dont pay my rent. Little did I know rent checks isnt just for my own needs. (sigh) I even asked the lender if rent reciepts would work. Nope. That was the only lender that was even willing to work with us. My land lord even wrote the lender a letter but the lender said anyone could have written it. I honestly felt like saying,,, "So in your eyes, i've been living here rent free for over 11 years? Wow.. Why would I want to buy a home if I can live here for free." But I realize its not his fault and thanked him for his time. So my quesion is, when you pay a charged off debt, does it look worse or better? Does it refresh it and start the 7 year marker on your credit report all over
? Is it better to pay a charge off or just leave it alone? We really want a home loan. We want to take care of my fiance's credit, but we dont want to make payments, if ya make payments it takes forever and ya dont get as good of a deal that way. We want to settle for less. How much on the dollar would be a good price to offer? My neighbor said offer them 25 cents on the dollar and see if they will settle. What should we do? We need our own home. I hate paying rent when I can be paying on my own home. thank you,
Frustrated
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