Fha getting a loan with a car repo?
Ok I am trying to get an fha loan and I have a repossed car for 11,000.00 it was a lemon but misses the law by 1 month. It is a 5 year old debt that has been charged off,but it is the only bad debt on my credit.I have 1 to the military I have been paying faithfully for a year and a half and all others have been paid ….I have been working on this for 3 yrs so will this 1 thing get me rejected?
Tags: Getting, Loan, repo
2011/08/10 at 22:38:27
It depends, you say you have been working on paying things off for three years. When you pay off a negative item then you are restarting the 7 years on the item you pay off. That means you bring the acount current, it’s not old anymore. That can make your score go down. If i were to pay off the debt on my husbands credit his score would go down 77 points. That’s alot. If you have any good credit on your account with time it will improve if you stay on track.I f you don’t have credit cards getting some and using them wisely they will bring your score up as well. When you mess your credit up it can go down very fast but when you want o improve your score it takes time, lots of it, to bring your score back up. There are many things factored into your credit score,even moving, marraige, divorce,etc can affect your score.
2011/08/10 at 22:21:15
it can…i am in the lending business and have seen it happen
2011/08/10 at 21:44:35
As long as your current credit history is ok, as in no late payments within the last 2 years, you could still qualify. FHA looks primarily at recent credit history to determine if you qualify, so something that happened 5 years ago will have little effect as long as the rest of your history looks ok.