Collection Agencies, Buying a Home
I have declared bankruptcy back in 1999 and I have a Canada and Newfoundland Student Loans from 1999 which I have been paying to a Collection Agency since May 2007. Since my bankruptcy, I have built up excellent credit ( I have credit cards, and a new car) over the past 5 years. I am trying to buy a home but on my credit bureau rating my student loans show up from 8 years ago, yet I am paying on them through a collection agency but I receive no credit on my credit bureau report. and therefore I have been turned down for a mortgage. I now earn about 70K a year so my income is not an issue. Is there anything I can do to help my chances for a mortgage?
Posted from: Newfoundland and Labrador
It sounds like you are doing the things you should do, but if you have only been doing them for about 5 months it likely isn’t sufficient amount of time. The other thing you can do that would drastically increase you chances of being approved is to save a large down payment.