Okay, I contacted a lender over the weekend to find out what I need to do to get my credit score high enough to obtain a VA home loan. Right now my credit score is 492. I did some stupid stuff when I turned eighteen and still have not paid it. Anyways, my question is if I pay all of the old debts in collections and chargeoff status off all at once, will it increase my credit score that much? Im 25 now so most things have been six to seven years. The lender says I should be fine and I dont need to concern myself with the medical bills just yet, but I just want to verify this before I spend the 10000 it takes to pay it off when I could use that to powerpay the bills I have now. I have three credit cards, 2 loans, an apartment community, and 2 medical bills that are 180+ days late. I have also had about 5 loans that have all been paid on time throughout the past 3 years. Any information would be greatly appreciated.

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I had a similar issue, then I did my research on web sites similar to this one and they pointed me to using a mortgage broker. After finding a mortgage broker in my area I was able to get my home loan. It took the broker awhile to find a lend willing to give me a mortgage but it was worth it.

Make sure you do some research on site such as Home - Finance Help For The Average Joe so you know what your lender is asking for when you contact them. Education is key when you are mortgage shopping.