CR Question!

[MJSeahawks]

My ch 7 BK was discharged 2 years ago and I'm trying to make sure everything on my CR is accurate. I have purchased my CR from EX and TU here and I have a question for anyone who may know. Should collection accounts that were prior to my BK still show up in the collections area of my CR? I have two on my EX and 1 on my TU. They do show a balance of $0 but I'm just curious as to if they should still be showing up as collections?

Also, I would just like to say I'm glad I found this site. I have gotten my free credit score from sites like Quizzle and Credit Karma and both gave me a score that was considerably higher than why my FICO score on here is. My score was as high as 701 on Quizzle, but myfico gives me an EX 641 and TU 642. I really want to try to get a mortgage in the next year or so and now I know I have some more work I need to do.

Thanks in advance to anyone who can clear up the collection confusion for me!!

[SoulMaster]

If they show $0, IIB, CLOSED they're fine.  If they're still in the collections area, one of those points is usually not right.   Then dispute or call and FCRA attorney to do it for you for free.

As an FYI, Well's new FICO guideline (in the news this week) is 600 mid-score.  FHA is 521 to qualify, but you have to find a lender willing to do it (now Wells @ 600 is the lowest I know of  http://www.mortgageloan.com/wells-fargo-embracing-subprime-loans-9666).

=SM

[MJSeahawks]

Thanks for the reply soulmaster. It does say 0$ and IIB, but it still shows up in the collections area of my CR. Maybe I'm missing something. I think I might just dispute it and say they were IIB and should not be showing up under collections and see what happens.

Also, that's great news on the mortgage. Everything I have heard has said you need at least a 640 mid so I assumed I would need to be at least around 660 or so. I have also heard you need to be on the job for the last 2 years. Is that mandatory? I have a great income, low DTI and low utilization but I started a new job about a year and 7 months ago. Would it be worth it to just spend the next 5 months just trying to get my score up a bit more until I hit the 2 year mark at my job or start looking now?

[SoulMaster]

I don't know enough about underwriting to answer that.  Might want to try the Mortgage Boards.

Personally, I'm waiting until I have 20% down and can qualify for a conventional 15yr fixed.  I will not pay FHA PMI.  Now that it's not deductable, it's a complete waste of money.  I think I need to wait until Sept or Dec of this year for the latter.

-SM