Question by Dennis: Credit experts, lenders, mortgage underwriters?
I have a very average credit score, 689 I believe. I have some negative history on my credit report. My wife passed away in 2003. In 2005 I had a stroke and was hospitalized for a long period of time, became severely depressed and was in rehab for several months. . While I was still in rehab I wasn’t sure if I would ever work, and actually applied for SS disability. When it came down to finally ruling on the disability I elected not to go thru with that as I was getting better and felt I could return to work. Unfortunately I let my concern about paying off my credit card accounts get the best of me and I utilized a well advertised credit service to settle my accounts. Some I paid off in full but I have some charge offs on my credit report.

I am a self employed medical professional. I have a contract with a local hospital and my gross income is around $ 340K annually. I have an outstanding loan for a vehicle and some small student loans for my oldest daughters college education. I have no current mortgage, as I recent sold the house I own in another city.

Will paying the charge offs now help my credit report and score? I have also noticed on my credit report hat I have some open accounts that I no longer use, tho the balance is zero on them. Should I close these accounts? Also since I am self employed my credit report shows no history of employment since 2003. How do I deal with that?

Will this negative history be of less significance after 7 years, as with bankruptcy?

Be very wary of credit “counseling” or credit consolidation services. I was NEVER told that this would reflect negatively on my credit history. I should have spent the money that I gave to them to pay off my bills. Now I’m suffering for it.

Best answer:

Answer by Judy
Paying off charge offs in your credit report will not improve your score.
It is advantageous if you go buy another home though.
Since major lenders like FHA do not look at scores.
They view reports in detail and make their own decisions.

Looks like you could probably buy your next car in cash, and you won’t be needing a home anytime soon. You can allow those charge offs to remain in your report a full 7 years and then they will drop off. It’s called Statute Of Limitations.
They may try to come after you after the 7 year period – just tell them to take a hike in Iraq.

Do not close accounts that have a 0 balance – it will hurt you in 2 ways:
1. You may be closing your oldest credit card account.
“Length of credit history” is 15% of your fico.
2. It will reduce the overall available unused card limits you have on all your cards – a number creditors look at.

Try to live debt free from now on.
That way you won’t have to worry so much about your credit rating.
You can get your reports at annual credit report.com
You can dispute your employment and add a note “self-employed” and your company name.
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