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Member
southerngyrl83
Posts: 20
Registered: ‎10-23-2012

Just Started and Already Issues

As of Friday, both my husband and mine credit was pulled for pre-approval. We have pretty good credit scores my mid score was 752 and his was 667. However, there is a collection account that is on his credit with dispute comments. We have no idea where these comments came from as we never disputed the item. Instead of the LO telling me on Friday that this would be an issue, she just sent me our credit reports and never said anything.

 

As of today, she told me that we needed to have it "taken care of". I had no idea what "taken care of" means. Does this mean that we should pay it or should we try to get the comments deleted. Her response was you can do one of the other.

 

I am so confused and she is offering no help, she didn't even know that we already signed a contract with the Castle Rock Homes.  I already feel like she is not going to  be helpful in the process at all, but we were sent to this lender by the Castle Rock and if we are financed with them, the Castle Rock  will pay our closing costs.

 

Can someone tell me what we should do? How do we begin to even get the dispute comments deleted?

Valued Contributor
tooleman694
Posts: 2,260
Registered: ‎08-25-2011

Re: Just Started and Already Issues

You need to know which report the comments are listed, then call up the credit report people and ask them to remove it.

 

Takes about 30 days.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Just Started and Already Issues

If the collection account isn't paid; I would send them a PFD letter. Maybe you can get it paid and deleted. Is it a large amount?

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Member
southerngyrl83
Posts: 20
Registered: ‎10-23-2012

Re: Just Started and Already Issues

It's $952.

New Contributor
DCole3g
Posts: 72
Registered: ‎07-16-2012

Re: Just Started and Already Issues

I would negotiate payoff with CA and try PFD.  It never hurts to try!!!

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Just Started and Already Issues

Pay for delete is what I would do first.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Established Member
DemoBox
Posts: 10
Registered: ‎04-13-2012

Re: Just Started and Already Issues

I would start off by finding a different LO.  They can't exactly tell you what to do, but they can at least give you some options and try to guide you.  The bank you are going through probably wants that paid off, but with your credit scores, you can definitely find a bank that will give you a loan and not need you to pay that off.  I would shop around some more if you have the time.  Best of luck

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: Just Started and Already Issues

Try a PFD and if that doesnt work ask the LO if underwriting requires it to be paid off or last option you could go off your income and credit only if your income is good enough to support the DTI 

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Member
southerngyrl83
Posts: 20
Registered: ‎10-23-2012

Re: Just Started and Already Issues

Ok.So today we contacted the agency and I paid a settlement for half of the balance. The CA told me that they would fax me a letter on tomorrow saying that the account had been paid and that they report to the credit bureaus the first of every month. She also told me that I can take the letter and send it to the credit bureaus to try to get a speedy deletion.

 

I hope I did the right think and I'm keeping my finger's crossed. 

Member
southerngyrl83
Posts: 20
Registered: ‎10-23-2012

Re: Just Started and Already Issues

I would love to go with a different lender, but in order for the home builder to pay our closing costs we have to go with the lender that they choose...Ughhh!!! So far I am not impressed with the LO, but I'm going to reach out to her on tomorrow.


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