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Established Member
Posts: 23
Registered: ‎07-09-2008
0

CO Pop up in one report EX

[ Edited ]

I am closing  in March,

 

3 days ago 1 CO $802 pup up in my EX report 

 

Ex Was my low score 617 last time they pull my credit  

 

how will this affect My Chances of closing

 

my Mid score is EQ 668 and TU is 701

 

This is for a FHA loan and there minimum score is 620 

 

What do you Guys Recommend me to do?

Thanks

 

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Established Contributor
Posts: 1,011
Registered: ‎04-08-2012
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Re: CO Pup in one report EX

I'd do a PFD if it's your debt so get it off asap.

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Established Member
Posts: 23
Registered: ‎07-09-2008
0

Re: CO Pup in one report EX

[ Edited ]

 

I have fax them like 5 min ago a PFD to them 

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: CO Pop up in one report EX

So you got preapproved with a 120+ day late on a revolving account on your credit report? Is it truly a Charge Off or a collection? Usually a charge off occurs after being seriously delinquent on a account for an extended period of time. The creditor then wipes the debt off their books and stops trying to collect. Many times after a CO, the creditor sells the debt to a collection agency. So the next thing that could happen is a collection account could pop up on your credit report. This will really drop your score if it hasn't already took a considerable hit from the CO.

Have you checked your credit score on myfico since the CO reported? If you qualify with a mid score of less than 640, the lender typically makes you jump through more hoops to close. This new CO can possibly cause major issues in underwriting. Could you explain a little bit more about what it is for and the date of first delinquency? It is very likely that you will need to pay it and get it deleted...not just pay it.
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Established Member
Posts: 23
Registered: ‎07-09-2008
0

Re: CO Pop up in one report EX

 

 

Well  there were 3 collections that got sold and now is With a  Different CO and is only in EX

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