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My goal is to purchase a home in about a year after I increase my credit score from 554. However I've been reading that you need to have closed collection accounts inorder to be approved for a loan. I have a collection of $10k from a hospital, do I need to pay that off before pursuing a mortage? Thanks in advance
@mackandblues wrote:My goal is to purchase a home in about a year after I increase my credit score from 554. However I've been reading that you need to have closed collection accounts inorder to be approved for a loan. I have a collection of $10k from a hospital, do I need to pay that off before pursuing a mortage? Thanks in advance
You'll very likely have to pay the collection as a condition of being approved, unless the collection doesn't belong to you.
@pizzadude wrote:
@mackandblues wrote:My goal is to purchase a home in about a year after I increase my credit score from 554. However I've been reading that you need to have closed collection accounts inorder to be approved for a loan. I have a collection of $10k from a hospital, do I need to pay that off before pursuing a mortage? Thanks in advance
You'll very likely have to pay the collection as a condition of being approved, unless the collection doesn't belong to you.
wrong
how old is the medical collection?
i have seen files close with large collections.