Trying to clear credit reports to buy a house - HELP!
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Posted by ConfusedHomeBuyer
(65.202.26.149) on July 14, 2004 at 13:52:33:
I was a bit of an irresponsible lout as a young man and I'm desperately trying to clear some credit issues as my wife and I try to buy our first home. I need some advice, hopefulyl someone here can help me out as I have been reading this forum for a few days but it has left me confused as to what I should do. THE BASICS:
My FICO Score: 635 I was approved for a mortgage with the following closing conditions that require the account to be closed with proof of payment and source of funds: (Pulled From a MyFICO Report) Collection Agency - Palisades Collection - $824.00
Original Creditor - USBank
Date Assigned - July 1999
Status Date - November 2001
Last Payment - July 1998
Question - I was a Louisiana resident at the time of account issuance, has the SOL passed for this account? Should I make a settlement payment to get it removed from my credit report or should I request that it be removed from my credit report based on SOL? Collection Agency - Arrow Financial Services - $318.79
Original Creditor - JCPenney
Date Assigned - February 2001
Status Date - March 1998
Question: I was a NY resident when I opened the card and have had no account activity since 1998. Has the SOL passed? Do I need to pay Arrow Financial or should I request a settlement offer to remove from my credit report? Original Creditor - Capital One Bank
No collection agency, charged off account
Charge Off Amount - $671
Current Balance - $1350
Last payment Date - March 1998
Question: I was living in Louisiana when I opened the card, now reside in Illinois. How do I determine SOL or do I just pay them the charge off amount to remove from my credit report? Basically, I have a contract accepted on a home and I am closing in 4 weeks. The mortgage company has given me those four weeks to resolve the conditions and will then give me a mortgage committment letter. I have the money to pay these debts off but it will limit financial breathing room once I move into the house for several months. In addition to the aforementioned questions: - Can I ask the mortgage company to waive the closing conditions because the SOL may have passed on those debts?
- Am I better off just paying these off? Thank you so much for any help you can provide!
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