03-14-2014 04:45 PM
We want to purchase another house in about 2 years. Will I be able to qualify with 2 open collections? Actually it will probably be one-from Portfolio Recovery. I want to pay it but I don't want it to bring my score down when it becomes paid or settled.
In two years I hope to have all on time payments and possibly that one open collection. So would I even qualify for a mortgage assuming my scores will be at good and on time payments for the last two years?
03-15-2014 10:24 AM
I spoke with an LO this past Thursday and I was told that all outstanding balances had to be satisfied I have one unpaid collection that I've gotten down to $1200 and I'm trying to pay it off quickly so I can apply next month.
I would call the bank or mortgage company you want to do business with and just ask about the qualifications and process. It was very helpful for me and I found out everything they are looking for, how long it would take and what I needed to provide.
Hope this helps!
03-15-2014 10:57 AM
This thread covers open collections
03-15-2014 12:27 PM
03-15-2014 03:20 PM
Thanks, I didnt want to pay it because when I do it will make my score go down since it will look current
Ask to pay it at closing, that way any score drop won't effect your mortage.