Fingers Crossed 620+ Tomorrow!

[CountryHope219]

My LO is pulling my scores tomorrow and if middle is over 620 we are good to go on the house we like.  So nerve wracking.  All the scores I've paid for show middle 624, so I hope he gets the same result tomorrow.  Had 3 collections fall off all by themselves on Equifax.  And from obsessively reading all the posts on this site, have learned to work the cc to my advantage. 

And, of course, just got a collection notice from CBCS in the mail last week.  About $238 which I will pay.  If I pay it within 30 days, they don't post it on my credit report?  Is that correct?  I know I could DV, but I think I'd rather pay it and get it over with, as long as they don't post it to the CRAs.  My LO said they don't re-pull the credit reports and the approval is good for 90 days.  That's pretty good I guess. 

Wish us luck...we sure as heck need it.

[Repo-ed]

Don't know the answer to your CA ?,  but I'm pulling for you!

[Booner72]

Good Luck tomorrow.

Just be sure before you pay the collection that just popped out to get it in writing, before you pay, that they will NOT credit report.  Because contrary to what they say, they will look at your credit again (probably just not the scores).  They certainly will check before funding to see if there are any new accounts, loans, etc.  And they certainly will check for last minute collections.  I know another poster here who though the same thing, they pulled again.  No house. 

I was able to get a CA to NOT credit report as I paid them within the 30 day window. 

Again, good luck.

[Booner72]

Also, have you opted out?  this will help prevent these last minute collections mortgage shoppers get.  ......Google "opt out" and do so ASAP.

[getahead]

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@Booner72 wrote:

Also, have you opted out?  this will help prevent these last minute collections mortgage shoppers get.  ......Google "opt out" and do so ASAP.

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Hey Booner, plz explain the opted out in relation to collection agencies?  This is one of my biggest fears, once I'm ready to commit to buying a home this year those really old collections will pop up.

[CountryHope219]

Thank you and yes we opted out about a month ago (another thing I learned from the forums).  Will make sure to get the promise in writing.

[LIGHTNIN]

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@ggedms wrote:

My LO is pulling my scores tomorrow and if middle is over 620 we are good to go on the house we like.  So nerve wracking.  All the scores I've paid for show middle 624, so I hope he gets the same result tomorrow.  Had 3 collections fall off all by themselves on Equifax.  And from obsessively reading all the posts on this site, have learned to work the cc to my advantage. 

And, of course, just got a collection notice from CBCS in the mail last week.  About $238 which I will pay.  If I pay it within 30 days, they don't post it on my credit report?  Is that correct?  I know I could DV, but I think I'd rather pay it and get it over with, as long as they don't post it to the CRAs.  My LO said they don't re-pull the credit reports and the approval is good for 90 days.  That's pretty good I guess. 

Wish us luck...we sure as heck need it.

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Sorry no, the CA can report as Paid, with a $0 balance.

I would suggest in re-wording the PFD letter, to read Paid for Non-reporting.

Of course, get it in writing first before paying.

Waiting to hear, if you received good news today.

[CountryHope219]

Well, I had a response from the LO saying he couldn't rerun my fico numbers cuz he was waiting for a "supplemental".  I really have no idea what that means, but he did say to call him everyday.  However, we made an offer on a house today based on the LO telling us what we could afford, how much we would have to put down (3.5% FHA) and the amount to ask for in a seller's assist.  My realtor says he is really good and she has closed lots of FHA loans with him, so I guess I am going to trust her judgment.  But for back-up does anyone know of any good mortgage brokers in PA? 

And for the surreal moment of the day, I called CBCS about the "dunning notice" they sent.  The woman didn't know what "dunning notice" meant.  Then I asked if I paid would they report to the CRA's.  Her response was "we don't bother with the credit reporting agencies, we don't bother with anything like that".  I said that you're a collection agency but you don't report anything to the CRA's and she said it again!  Holy Moly!  So I told her I wanted that in writing and she said they only have form letters in the system and none of them say anything like that so the answer was no.  Then she went to ask her supervisor, Nikki, who agreed that they "don't bother" with credit agencies and they don't have a form letter in the computer so they can't send me one. 

I told her I would Google CBCS and get back to her.  I pulled up a FTC lawsuit against them, so then I called one of the FTC lawyers on the last page of the suit and she actually called me back.  I asked if the settlement to the suit precluded CBCS from reporting to the CRA's and she said "No, they just can't re-report anyone from before December 2008". 

So, I will be writing to CBCS and do the pay for not reporting wordage.  But, should I still DV first?  Keeping in mind I don't want this on my CR at all...

Thanks for the advice and good wishes.

[LIGHTNIN]

Wow, I dont know what to say.

If you send a DV, they may just sell it to another CA and the new CA starts reporting.

CA's lie. Who's to say after you pay the current CA, that they may report as a paid collection.

Sorry, if I gave you more to think about, See what others have to say.

ggedms needs our help, please post what you''re thinking, Thank you

[getmycreditright]

Question: When you get approved (and you will be ), will a 620 qualify your for the best rate? Or even a competitive one? If so, that would be awesome and that gives me a great deal of hope going forward. My wife and I are looking to get an FHA loan in the next 2-4 months.