Negative Credit and Purchasing a Home

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Posted by Heather on May 16, 2001 at 15:51:50:

My fiance and I will be getting married in August and attempting to purchase a home in October. He has good credit (two personal lines of credit in good standing and two credit cards in good standing). I, however, have less than perfect credit. I have 4 chargeoffs from when I was in college and took on more credit cards than I could handle. I did manage to pay off one of the credit cards, which shows as Open/Never late (even though I paid it off and thought I closed the account, but I'm not worried about it cause its a good credit source). I have called each of the four companies involved in the chargeoffs, and they will not take my payments, since the account was sent to collections. I am attempting to have the CRA's validate the accounts, in the hopes that some of the chargeoffs will disappear.

My question is, what are the chances of me and my husband-to-be getting a mortgage on a home, and what type of financing might be involved? We have both had steady employment for at least four years since leaving school. I also have a car loan in good standing I took out in July 99 and a credit card account I opened in Oct. 2000 with the same company I have my car loan through. The interest rate is high, but its worth it to give me some positive credit.

I also have a couple of student loan problems, namely the fact that I was a part-time student and supposed to be deferred, but the companies reported me as delinquent and in collections, which I am also disputing with the CRA's.

So, what are our chances?

Thanks,
Heather

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: My fiance and I will be getting married in August and attempting to purchase a home in October. He has good credit (two personal lines of credit in good standing and two credit cards in good standing). I, however, have less than perfect credit. I have 4 chargeoffs from when I was in college and took on more credit cards than I could handle. I did manage to pay off one of the credit cards, which shows as Open/Never late (even though I paid it off and thought I closed the account, but I'm not worried about it cause its a good credit source). I have called each of the four companies involved in the chargeoffs, and they will not take my payments, since the account was sent to collections. I am attempting to have the CRA's validate the accounts, in the hopes that some of the chargeoffs will disappear. : My question is, what are the chances of me and my husband-to-be getting a mortgage on a home, and what type of financing might be involved? We have both had steady employment for at least four years since leaving school. I also have a car loan in good standing I took out in July 99 and a credit card account I opened in Oct. 2000 with the same company I have my car loan through. The interest rate is high, but its worth it to give me some positive credit. : I also have a couple of student loan problems, namely the fact that I was a part-time student and supposed to be deferred, but the companies reported me as delinquent and in collections, which I am also disputing with the CRA's. : So, what are our chances? : Thanks, : Heather

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