So I'm applying soon for a mortgage and need a 640 credit score. Currently it's 609. There are THREE Sallie Mae loans on my credit reports that were JUST listed (2 months ago) as "charged off." These loans totaled to $15,000.
Well… They weren't mine. Someone forged my signature as a cosigner and they will be removed in 30 days. Just finished all the paperwork with SMae and have it in writing they'll be removed in 30 days.
I had some bad credit choices in 2009-2010 and settled bad credit card debts with three cards. It shows paid in full but it was 5 1/2 years ago. I also have had about 4-6 30 late payments on a car loan. That was 5 years ago too. I've been pretty good the last three years. Maybe 2-3 late student loan payments and I have 2 car loans in effect for the last couple of years that I've paid on time every time and even paid extra. I have kind of good income ($72K/yr) and my total overall debts are only my two car loans that are $8,000 left on one and $16,000 on the other. No current credit cards (due to a 609 score) lol.
But these Sallie Mae charge off accounts came with a ton of late payments that were 120+ days. I would hope this would dramatically increase my score.
Any thoughts or educated guesses on approximate new credit score?
The experienced and educated estimates on my new credit score is what I'm looking to be answered here.
Thanks so much! Anxiety is kicking in and I'm curious if this will work out for me.
Thanks!
Read more: How much do new charge offs effect my score?
