What if you don’t know how old the cards are on a credit report, and they are “potentially negative”?
Taking care of someone else’s credit. Many of the credit cards are “charged off” (never paid, but they are not planning to pursue) but I don’t know how old the accounts are. It only lists when the accounts were open. Don’t want to “wake up” and have to pay old accounts, but I want to remove things that are negative if they are 7+ years and I can do so?
This is hubbie’s credit report, not mine, and getting information from him on this stuff is like pulling teeth, plus he seems to have NO memory of how old these debts might be. We are up to a 591 credit score from below a 400, but trying to get it up more now that we have the actual reports!
Also – if your credit score becomes “good” but you still have “charged off” debts, does this affect your ability to get a home loan? If we get the score we need, is that enough, or will it be a problem if we never actually pay these people when we go to get a loan? (We can wait a few years to get a loan if necessary, just trying to clean the credit as much as possible (and cheaply as possible!) now.
One of the big “charged off” ones is DISCOVER FIN SVCS LLC and there is no phone number provided.
Also for that one experian says KD, equifax says OK, and Transunion doesn’t have anything listed.
Date opened is 1988, but I don’t know when the debt itself would “expire” because I don’t know when the card was last used / paid on.
I come here so I don’t have to read books on it. 😀 Hoping some knowledgeable individual would like to answer my questions!
It is Freecreditreport.com I do not see where it lists “date of default”.
(I want to watch the report change during the year, so yes, I am paying for it for now!)
He is listed on my credit cards, which does help a lot.
They are actually listed as “Bad debt & placed for collection & skip” Does that mean the collection agency has taken over, and the credit cards themselves are no longer owed?
He actually has a garnishment on his wages, and now I’m thinking those cards went to a collection agency, who is now garnishing his wages for it. So the cards themselves at least are not something we need to worry about paying? The garnishment is getting close to being over (I think… not sure how that is recorded on the report either).
We have a steady stable income and money for a downpayment, closing costs etc. (through life insurance from a recently deceased relative) but we are also applicable for a USDA rural housing develop loan, which is 0% down, low interest rate and no money down. The only thing we are missing is the right credit report. It isn’t a rush, we are happy enough where we are for now, but do want to get it cleaned up over time so we can get a house in a few years. (and also worried the USDA housing loans may expire if the economy keeps sucking!)
I meant to say the USDA loan is also no PMI (private mortgage insurance). We meet the criteria for location, income and house desired.