Get a question morgatge with bad credit before?

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I had excellent credit in the past and post it on my credit report for that. But in recent years, I have no doubt in times of crisis and saw my 700 + to a sharp decline in the 548th since I paid all my expenses each. But someone told me that I had to leave outstanding and saved my money for the down payment on a house. Because it does not matter whether paid or not, it does not help your score. So confused about. I have no judgments, charge offs and that I settled on two of my personal loan. I have 3 good accounts on my file. My RV, I pay every month and have two small credit cards left .. What do you think my chances of a mortgage in the next 2 years. ? I can not leave them unpaid I feel guilty of misconduct, and I should pay it, but I feel that others must wait until it falls off and start over with my good credit rating before. A little confused.

4 Comments
  1. Reply
    Missy
    May 2, 2011 at 8:34 am

    When you try for a mortgage, having paid collection items is mandatory in order to be accepted.

    Had you not paid these items, you would not receive a mortgage until they were paid.

    So, you are going in the right direction.

    ADD***Waiting for these items to fall off will take atleast 7-10 years as well, that’s a lot longer than 2 years. : )

  2. Reply
    golferwhoworks
    May 2, 2011 at 9:17 am

    Missy is right as the collections will be sold and sold and sold till they sue for payment. NOW the next step is to get a credit report and make sure they post paid collection or a zero balance as they are quick to post but slow to show paid in some cases. Keep your credit cards below 30% of the available credit line and pay every thing on time save your down payment up then apply you should be fine

  3. Reply
    Chris
    May 2, 2011 at 9:57 am

    First you won’t get a loan that you would want with a 548. So go to the credit repair company and give them about 3 months to show an improvement on your credit.

  4. Reply
    Killian
    May 2, 2011 at 10:11 am

    In today’s economy a lot of Americans are experiencing foreclosure. Foreclosure can be a huge threat for Americans, but you can safeguard yourself if you know what might happen and what to do. Is your property soon to be foreclosed? If so I would go to http://mortgagereliefinfo.realfinancialhelp.info Also go to http://creditinfoguide.realfinancialhelp.info to get your credit report & score.

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