Bad credit entries from 2000?

I was very stupid with credit while i was younger. I never paid on five different credit cards. There is now five years since the last activity is being reported. I want to purchase a house within the next year and cant wait the seven years that it takes. They all say paid collection or charge-off. Any ideas on how to approach the compainies so they get some money back and upgrade my account? What percentage should I offer them as a settlement. I keep hearing they sell the accounts for pennies on the dollar. Any idea how much they really get?Bad credit entries from 2000?
It is screwed up, but paying those bad loans will make your situation worse. It will kill your FICO score, becuase it will make the deliquency current. Your FICO score may have recovered since your mistakes.



You probably want to work with a mortgage broker who can look at various lenders with various programs. You will probably have to pay a little more than someone who has perfect credit. Make sure even if your rate is not great, you do not pay any points. In a couple of years when the deliquencies have dropped off your credit report, you will want to look at refinancing.Bad credit entries from 2000?
I know this might sound hard to believe, but everything VA treasures wrote to you is true. I am a mortgage broker who deals with this sort of situation every day. The first thing you should do is check your FICO scores. A mortgage broker can provide you with this information. Good luck!