I have a some questions about my credit situation. I have raised my score (middle score) to 622, but have some past collections, 2 car repos from 2003= $20,000, and some other small colections totaling around $5000. So total collections is $25,000. All collections are at least 2-3 years old. All recent (2 years) loans are in great staus.

Question #1- Without having the money in full to take care of these, what is the best way to take care of them?

Question #2- My wife and I are renting, we are looking forward to purchasing a house. Should I not attempt to buy until the past collections are paid?

Thank you, Live Human Being
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Bo Majors / to REAL PERSON / show details / Apr 24
Are the collections actively trying to collect now or has that come and gone. With repos usually they sell the car and bill for the difference between what u owed and what the car sold at autcion for. So 20000 sounds high unless something is active.
If not I would let that go. It is too much money. At most I might settle for 30 cents on the dollar what is left between owed and sold at auction. NEVER the full payoff.

If you have stable job and income you should be able to get some type of loan.
2 repos generally disquailfy most first rate credit lenders. There are many owner financing or private finance people that work with folks.
I would ask a bank about gettting financed and see what they say. Maybe an independant Mortgage Borker would be even better.
They will tell you exactly what you need to do as far as credit.