Old Student Loan Default and New Mortgage App

Getting my things in order so I can apply for a mortgage in NC.

Credit is 720-730

I have a defaulted student loan (govt). It fell off of my credit report years ago, but since it’s federal, I know it won’t go away.

I was offered a settlement amount and am able to pay it, but I want to see how that will affect my credit and/or mortgage apps once I apply (next month or so). It’s not showing on my credit now (it’s like 15 years old). Once I pay, will it show and drop my scores?

Should I pay it before applying for the mortgage?

Have you consulted with any of the specialists?

Bad credit history is one of the most common reasons for loan denial. A credit rating, or scoring score, is calculated based on your credit history. The higher it is, the higher the probability of credit approval - more banks will be willing to lend at a lower rate.
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This message was edited 1 time. Last update was at 27/10/2022 17:47:20

To function successfully, banks actively attract loans, earning on the difference between the interest paid by their client and the cost of their own financing. Naturally, just like you and me, a bank may find it difficult to repay its counterparties, which could lead to bankruptcy. So how would a default affect the mortgage in this case? Many people naively believe that if this happens, all of their debts will be canceled, and everyone will forget that they ever took out a loan, but that's not true. In fact, the issued mortgage loans will be bought back from the unlucky lender, and the rights to demand that you fulfill the contract will go to another bank, to which you will subsequently make monthly payments. In any case, if you find yourself in this situation, I advise you to contact experienced consultants, such as Mortgage Broker Luton, who will solve your problem.

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StoneN (IV08205201) wrote:Bad credit history is one of the most common reasons for loan denial. A credit rating, or scoring score, is calculated based on your credit history. The higher it is, the higher the probability of credit approval - more banks will be willing to lend at a lower rate.
To fix your credit history, check service https://paydaysay.com/guaranteed-approval-credit-cards-with-1000-limits-for-bad-credit/ gave me some recommendations. You can open and repay several more loans as flawlessly as possible. This includes credit cards - they're easier to get for a borrower with a less-than-perfect history than, for example, a mortgage or a large cash loan. Your goal, in this case, is to show the bank that you have reformed and become a disciplined customer.

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