Charge Off

Does anyone know if this would really prevent someone from obtaining a
mortgage IF they don't have any other blemishes on their credit? I've
been reading about how those that short sell should be able to borrow
after 2 years, and those that foreclose will need to wait 5. So, it
seems to me that in light of that, a charge off on an acct. 3 years
ago shouldn't weigh so heavy that it costs someone a mortgage. I'm
genuinely curious about this, so does anyone have any experience with
this?

it doesn't matter if it's been paid off.

if the charge off was valid, it stays for 7 years



credit reports exist to show a person's true credit history

"As Verizon has been paid for going on 3 years the full amount that
was owed, there is no more incentive to continue reporting the Charge
Off on my records "

But there is. It's part of your credit history and is being reported
acurately from what you say. The whole point of a credit history is
that it shows just that, your history. If we could have everything
bad removed once we paid it, there would be no point in having credit
scores.

is with their credit report, not the mortgage that they don't have.

Maybe the OP has kept their nose clean since this indiscretion almost
three years ago. The dream of home ownership is one that most people
have. Banks can help make that come true, and responsible borrowers
with the right financial profile shouldn't fear a mortgage.

I wouldn't mind getting a mortgage when I buy my next house, except I
don't plan to work again.

Im sure many people want to be responsible, but too often bad things
happen to good people.

Job loss, death of a spouse, illness, is a common reason people fall
behind on mortgages, car loans and credit cards.

Life happens. When you dont owe money on these things, weathering
these storms are more manageable.

We have always lived on much less than we earned.

Look how many people were hit hard when the price of gas was 4 bucks a
gallon?


Home ownership is great, not being strapped to a loan for 30 years is
the real dream.


good day

If it's reporting as a 3 year old paid charge off, that in itself
shouldn't be enough to prevent you from getting a mortgage. I had
some screwups earlier with my credit, but did not have any problems
getting my mortgage just last year. There have to be some other
entries on there that are more likely causes of any denials you're
getting. A 3-year old chargeoff shouldn't carry enough weight to
cause a denial by itself.

But it's accurate, so it should stay.

I think you will find "going on 3 years now" means you have over 4
years to wait for it to be removed.

A chargeoff is a serious matter, along the lines of bankruptcy.
Notations of these just don't go missing.

It isn't a matter of "incentive". The purpose of it on your report is
to let potential creditors (eg a mortgage lender) know that you may be
a credit risk. I have never had a single negative mark on my credit
report. Shouldn't I have an advantage over someone who has?

Byron J.,

The issue is was this debt turned over to collections and paid off by
you after it was due in full. If that is the case you can and should
expect that entry to remain on your creditr report for up to 7 years.
If you can prove that the debt was paid in full prior to it being
turned over to collections you might stand a chance of having it
removed as an error.

BillR.