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So I'm just about to get a clear to close and on one report which had to be my middle score, a new collection account shows up that I have never recieved letters from dated for last year. My broker/originator says don't worry about it but now I'm freaked out. It dropped my mortgage score to a 625 from a 628.
Is this potentially a deal breaker for a VA loan? Worst timing ever.....its only for $300 so I just want the thing gone. Its from a bill I had problems with 4 or 5 years ago with Comcast.
I think you're gonna be alright, worst happens you pay them the 300 dollars.
Im not sure how it will affect the overall picture (your lender would have to advise on that) however just to be a step ahead......is actually still with Comcast, or was it a collection agency? Determine who you are dealing with, head over to rebuilding board and ask/research how this party is with pay for deletes. If you are required to take care of it by lender, you'll already be armed with info. AND hopefully its a party that does PFDs and you can have a rapids rescore done after. I wouldnt do anything before speaking with lender, however it never hurts to have a jump on info in the event you need to act fast! Good luck!
This is pretty typical as CAs will purchase lists from the CBs of people who recently applied for mortgages, and will then scour the list looking for targets to hammer under the safe assumption that they'll get paid to go away. Worst case scenario is you're out $300. Keep working with your LO; if they say it's not a problem, it's not a problem.