My husband’s middle credit score is 599 and mine is 587. We bought a house in Nov 2006. It’s an ARM 80/20 loan which means our payment will go up in Nov 2008. We both have a lot of charge offs and collections from previous divorces but, we have paid some off and we are working to pay off the othres. We both have been told that when refinancing they only look at the last two years. Is this right? We have heard so many different tales from lenders and we are really confused right now. Is it impossible to refinace with scores this low. What we don’t know is we have paid the mortgage on time every month and also our car payment but it don’t seem to help any. What can we do?? Please advise us both.