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OK so i have bad credit but according to the seven year rule after 1 more year all those charge offs will fall of my credit report will i be able to get a mortgage then?

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Asked by Anonymous at 10:46 AM on Apr. 6, 2011 in Money & Work

Answers (10)
  • Seven year rule? what's that?
    It was not my experience that the charge offs fell off my credit report after one year. Should they have?
    It continues to be tough, and gets tougher everyday, to buy a home. Just keep working at cleaning up your credit history and scores, save a big down payment, and be diligent and wise in how you spend money. Don't give up. Good Luck

    Answer by meooma at 10:49 AM on Apr. 6, 2011

  • Those things may disappear off your record, but you're still going to need to find ways to improve your score. It's a lot more difficult right now to be approved for a mortgage loan.

    Answer by Renee3K at 10:49 AM on Apr. 6, 2011

  • If you have filed bankrupcy after seven years they can't look at that anymore as an excuse not to give you a loan (the bankrupcy) but they give you those seven years to build up that credit again so if your credit is still bad, then they can still refuse you a loan.

    Answer by Mrs.KV at 10:55 AM on Apr. 6, 2011

  • If you dont have the required minimum score of 720+ and enough income AND the required down payment no you wont be able to get a Mrtg. Just because bad debt falls off the report does NOT mean your score just goes up. Call a Mortgage broker and ask them what needs to be done in order to get you qualified.

    Answer by vbruno at 10:55 AM on Apr. 6, 2011

  • Meooma, the OP meant she had one year left in the seven years.

    OP... depends. Do you have a down payment saved? Good payment history now? You may need 20% down.

    Answer by gdiamante at 11:03 AM on Apr. 6, 2011

  • Your score will still be low. It's the score, not always what's on it, that's more important. My score is really low but I have nothing showing on it (yeah, I can't make sense of that one either), so I can't be on any loans we get. I'm not on our mortgage either, eventhough I make more money than DH.

    Answer by Anonymous at 11:13 AM on Apr. 6, 2011

  • You need to rebuild your credit. Just waiting around for it to "fall" isn't going to help you buy a house. My husband and I have bad credit, so we just bought a new truck and had the loan approved through a credit rebuilding service. They promised to raid my husbands score in just 6 months.

    Answer by KateShesGreat3 at 11:41 AM on Apr. 6, 2011

  • You do not need a minimun credit score of 720, where did you get that?! It's mid 600's. I have a friend trying to buy a home and the bank told her the minimum.

    Answer by Renee3K at 1:02 PM on Apr. 6, 2011

  • do you have any good credit?

    Answer by notjstasocermom at 4:38 PM on Apr. 6, 2011

  • You need to have some good credit reporting. Our guideline is 3 tradelines that have been paid on time for the last 12 months. The companies that have reported the charge offs can refile them so that they show up again. You will need to clean up your credit. Our credit score guideline is 640 but that is not the only thing they look at. If you have any questions let me know .

    Answer by Kari126 at 1:21 PM on Apr. 7, 2011

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