Question: I’m hoping some of may be able to share some of your knowledge and >experiences pertaining to bad credit and obtaining home loans. First, a bit >of background:
>In 1995, before we were married, my wife enrolled in a debt management >program at Consumer Credit Counseling Services (CCCS) in San Francisco to >consolidate her overwhelming debt payments at the time (she was still in >college and had racked up $15k in plastic debt over the years). She was on >track to pay off all balances over a course of 5 years, but due to an >inheritance she was able to pay off the entire balance by the end of 1997. >As fortuitous as that was, CCCS was apparently remiss in making adequate >final payments to all her creditors, and as a result, even though all >balances are now zeroed out, there are several 30-day- and 60-day-late marks >on her credit report, the last one occuring November 1997.
>I have recently written a letter to CCCS apprising them of the situation, >and am even considering legal action, but after some investigation into the >legalese of the debt management plan, I doubt they can be held responsible. >(And I even doubt if CCCS would be able to correct the blemishes even if >they wanted to.) So I am assuming the worst, that the blemishes will stay on >for the next several years.
>We are (now) married, in our late 20s, my credit is fine, our income level >and savings base is quite comfortable, and we are both steadily employed >(teacher for 2 years, and software developer for 5 years). In short, if it >weren’t for those blemishes, we’d be an ideal candidate for a lender to loan >money to.
>So, my question is, will those marks significantly affect our chances of >obtaining a home loan in, say, 2 years? (Which would be 3 years after the >last blemish.)
>Sorry for the long essay. Any thoughts would be appreciated! Thank you.
Answer: When my husband and I got married 2 years ago, we applied for a home loan. For the sake of not printing a very long story, I’ll just say that my husband had terrible credit. I, however, had impeccable credit, never being late on a payment,etc. It was my credit history that enabled us to get the home loan and apply for credit cards. He was required to pay all the bills that he had outstanding before we got the loan. I’d say you have a very good shot at getting a home loan.
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