Asked by frank  |  Submitted February 01, 2015

Can I get a mortgage loan after a credit card charge off? My score is over 650 and I am putting down 50%.

I have some charge offs from 2011

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  Answers  |  2

February 02, 2015

It's certainly possible, but I'd need to know more about your situation to give a definitive answer.....for example: How big is the charge off? What other open tradelines show on your credit? Does your debt to income ratio meet current lending standards? In general, smaller charge offs do not keep otherwise worthy buyers from purchasing homes. In fact, paying off old charge offs can sometimes LOWER credit scores by making an old event (the charge off) appear more recent (paying of the charge off changes the "date of last activity" on the account. I always advise my clients to speak with me BEFORE paying off any charge offs in order to avoid potentially damaging their credit.

$commenter.renderDisplayableName() | 09.29.20 @ 13:42


January 29, 2016

I should have also mentioned, I'd be glad to help with any questions, can be contacted through my profile, and I write loans nationally.

$commenter.renderDisplayableName() | 09.29.20 @ 13:42