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I am trying to get a VA home loan and my credit score is 675 but my credit is poor because of a lost job years ago and have since become 100% disabled with the VA.
I tried to get a pre-approval since I thought that you only needed a 620 score but turns out that you cannot have any open collections. I currently have four open collections and they are all expected to drop off very soon (pay for deletes or paid). Does anyone have any advice on charge offs? I have a few of them most of them say 0 balance.
VA loan
Hi Guest,
Charge-off is when the creditor hands over an account to a collection agency and writes it off as a loss. When an account is charged off you are required to deal with the collection agency. Charge-off does not mean that the debt has been forgiven. You are still responsible to pay off the debt.
The only difference is that instead of the creditor you will have to deal with the collection agency.
You have said that most of these charge0offs are listed with zero balance. So, can I know if this is what the creditor is reporting or the creditor and collection agency, both are reporting?
Thanks,
Aaron
do you have all your credit reports?
what state are you in?
what is the original creditor and the name of the CA?
what is the date of first delinquency? 30 days after last payment