Paid Off Debt First Time Homebuyer...
I just got out of serious credit and debt problems. I was late on many credit cards and my credit is damaged. I took out a loan from a friend, paid off all bad debt. My credit score went up to 620 but my report still has all the negative things on it. I can now afford a house and with rates this low I feel as I have to find a way to get financing. With all the negatives on my report, should I waste my time?
Take some time to zap the negatives. The "no one can remove accurate negative information" line is BS.
With creativity and persistence, much of it can be off well before the 7 years expires.
Check www.creditboards.com, www.creditinfocenter.com, www.creditnet.com for full details.
If indeed you have a credit score of 620 now, you qualify for Conventional rates with a mortgage company.
The mortgage company can request from their credit reporting agency to obtain an updated credit report, also known as an RMCR. The agency will contact all of the companies on your credit report and have it updated. This should help you too.