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mmberries

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Should I apply for a mortgage or wait?
Hi! I had a short sale in October 2012 and a boat repo (last reported on 7/202011/. Credit score is now 780, with not missed payments or nothing in last 5 years. Been at my full time job for 9 years. Seeing as the boat repo will not come off until 7/2018, will I truly have to wait that long to apply for a mortgage?

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If the credit score you are giving is a FICO, you are probably in pretty decent shape. When you say the boat repo was last reported in 2011, keep in mind that last reported is not the start of the seven years. The seven years starts at the DOFD (date of first delinquency) this would be one month after you've made the last payment on the boat and didn't make any more payments which led to the repo. That said, maybe it will come off your reports sooner. Don't forget to read about "early exclusion" as Transunion will sometimes remove negative accounts six month early and Experian and Equifax will sometimes remove them three months early. Of course, your best bet would be to wait until this is removed. You could check to see if you could get prequalified with lenders and see what they say.

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