Real Estate Agent with Keller Williams Preferred Properties DC: SP98364962 MD: 601648
When I get a phone call from a potential buyer who wants to buy a house and I ask what is your credit situation for some odd reason sometimes some of them say they don't know, WARNING SIGN. When I hear that to me it usually signals not good (just from my experience). Usually people who have good credit stay on top of theirs very frequently like monthly or quarterly but not the I haven't pulled mines in years routine. Usually with this comes collections or derogatory marks such as charged off accounts, repossessions, sometimes foreclosures, or even child support.
A recent person asked me can they get approved for a home loan if they have "child support" on their account. I know the answer to this is NO because anyone who knows my situation knows I have custody of my daughter Bianca and have since 2002. What many do not know is prior to custody I didn't even know my daughter existed and was unknowingly taken for child support which appeared on my credit while trying to get a home loan, talk about shocked. The lender said "Lenders feel that is being irresponsible even on a situation like mines". Lenders don't care what the situation is in their eyes they view it as someone not paying that obligation owed to their child so what makes them think they are going to pay a home loan obligation. Always consult a professional and experienced lender.
Many know what to do, for some reason many just don't do it. Taking responsibility is the only sure way to know what's going on, on your credit report. Any items that are older than 7-10 years old from the date the creditors first reported it must come off your credit report. That is one way of challenging some issues. The others would be to pay for whatever it is one owes or make payment arrangements with the people owed. Not knowing can mean the good, the bad, or the ugly on your report which in other words can mean approved, denied, or derogatory.
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