I have an account on my credit report that was written off by the grantor and it is from 2004. How much will this affect my chances of getting a home loan?
If you only have one derogatory, I don't think it will affect it much at all, I have several that I have paid off while in bad standing, they should be dropping off soon, they only way they affect my loan applying process is that I always get a higher intrest rate.
The higher rate of interest might be due to your score. Your defines the rate of interest. Once you get your credit rating back on track the rate of interest will also fall. :)
The negative will fall off seven years from the date of first delinquency.
If you only have one derogatory, I don't think it will affect it much at all, I have several that I have paid off while in bad standing, they should be dropping off soon, they only way they affect my loan applying process is that I always get a higher intrest rate.
The higher rate of interest might be due to your score. Your defines the rate of interest. Once you get your credit rating back on track the rate of interest will also fall. :)
Actually..I am confused with your situation.
Mortgage Refinancing Loan ,
Home Mortgage Refinancing Loan