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My Credit is clean....Wife has 2 collections

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Vegas247
Established Contributor

My Credit is clean....Wife has 2 collections

My Middle FICO is 740+ but my wife has 2 small collections, 1 for $100(old cable bill) and the other for $378(old electric bill). Both are about 5 years old....What would happen if we went for a 30 yr fixed conventional loan with 15% down on a 400k home? Would she be asked to pay those collections off?

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StartingOver10
Moderator Emerita

Re: My Credit is clean....Wife has 2 collections

Usually not. The lender will use the lower of the mid-scores generated by the two of you. If you go to a big box type bank, they are more conservative and may require payoff of those two small collections.

Message 2 of 3
disdreamin
Valued Contributor

Re: My Credit is clean....Wife has 2 collections

Just out of curiosity, would paying those collections be detrimental to scores? I'm trying to figure out why OP's wife wouldn't just take care of them. Is it so they'll fall off before too long, but settling them would update them and they'd remain on her reports for longer?
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