Charge-Off
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Posted by TexHomeBuyer
(4.225.163.39) on June 08, 2004 at 22:37:10:
Can anyone tell me generally how a $10K charge off on an MBNA account will impact me when trying to buy a home, other than lowering my credit score. Specifically, will it have to be paid off before buying a home? The card was in my name alone. Last payment was 10/02; charge off 5/03; arbitration award 1/04. Has not been reduced to a judgment. The charge-off seemed to have no effect on us when buying a car 6 months ago. My wife was listed as the primary purchaser. I was the co-applicant and we got the best interest rate we've ever had on a vehicle.
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