Credit Card Charge Off's : A Series of Unfortunate Events

[Adrianblaze]

I posted this in another forum, and it was suggested that I post in the mortgage forum, since I am looking to get a mortgage.

Thank you!  Oh, I am targeting Navy Federal Credit Union (NFCU) as the lender.

 

Hello, I need help with the best way to approach deleting the following tradelines from my credit report

 

Chase ChargeOff

Barclay's ChargeOff

Synchrony Bank (Amazon) ChargeOff
Synchrony Bank (Marvel) ChargeOff

 

In 2016 I was finally correctly diagnosed with an eye condition that required 6 surgeries (I am much better now), with not great insurance, and was out of pocket a little over $40,000(All the money I had really).  Followed by a stint of unemployment (about 5 months), and was the victim of a hit and run (I was bicycling, and was hit by a car).  This was also after a lot of mental health care costs for my child who was a crime victim.  Dealing with the legal system and his psychological care took a toll on me financially.  As an adult, he still needs my help, which I am happy to do.

 

I was able to keep up with half of my revolving accounts (a couple of 30 day lates, but was able to get them forgiven when I called them).  The above mentioned were completely charged off and I couldn't keep up with them.

I have a great job now, and am diligently working to pay off my revolving debts (From $15,000 to $12,000) -  I have managed to pick up a second work from home job, and hope to have the revolving, and car debt paid off by the end of the year.  I will tackle the rest of my student loans next year (around $40k).

 

That said, I would like to purchase a home, and am wondering what is the best way to approach my charge offs.  Ideally, I would like to pay for delete, but I do not know how that will impact my credit score.

 

I am at the mid-500's, and hope with the pay down of debt I will make it to the mid'600's in about 6 months.  I am having a hard time finding links on who has successfully deleted charge off's from the above mentioned creditors. 

 

I am doing better now., and am grateful, because things could have been much much worse(really).  I was able to land a full-time role (well paid), I am starting a second remote job, and trying to get my debts paid off, and rebuild, and exceed my savings and get into home ownership.

 

I appreciate any help and advice.  I really want to get my credit mostly cleared up or addressed within the next 6 months.

 

Thank you,

 

ICANHASMUNY?

[centex]

Are the accounts still owned by the OC or have they been sold? 

 

If they are still owned by the OC, how long since the delinquency occurred? 

 

In either event, owned or sold, your best hope will LIKELY be to get some manner of settlement that shows a zero balance.  None of the creditors named are noted for being willing to do a pay for delete, even when they get the full nut, including all accumulated interest since the delinquency event. 

[Adrianblaze]

3 hours ago, centex said:

Are the accounts still owned by the OC or have they been sold? 

 

If they are still owned by the OC, how long since the delinquency occurred? 

 

In either event, owned or sold, your best hope will LIKELY be to get some manner of settlement that shows a zero balance.  None of the creditors named are noted for being willing to do a pay for delete, even when they get the full nut, including all accumulated interest since the delinquency event. 

Hello centex -

 

Thank you for your response!  Charged off between December 2017 and March 28th.  Three of the accounts show a zero balance.  It appears that Chase has not sold the account yet.

[radi8]

I think your best bet might be to pay off the CO's  so they do not turn into collections and possibly judgments, then look for an FHA lender that doesn't have overlays regarding Charge offs.  Some do, others do not. 

FHA itself is surprisingly lenient with them if you have: clean credit after the event+ extenuating circumstances + a few compensating factors.  (three months house payment  in reserve, credit above 620, low debt to income ratios,  are a few examples)     If they age a few months and you can write a strong letter of explanation, you might have half a shot. 

NFCU from what I've seen isn't going to like CO's that recent.  

[Adrianblaze]

On 9/4/2018 at 10:45 PM, radi8 said:

I think your best bet might be to pay off the CO's  so they do not turn into collections and possibly judgments, then look for an FHA lender that doesn't have overlays regarding Charge offs.  Some do, others do not. 

FHA itself is surprisingly lenient with them if you have: clean credit after the event+ extenuating circumstances + a few compensating factors.  (three months house payment  in reserve, credit above 620, low debt to income ratios,  are a few examples)     If they age a few months and you can write a strong letter of explanation, you might have half a shot. 

NFCU from what I've seen isn't going to like CO's that recent.  

Thank you for the feedback, radi8!