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I am applying for an FHA mortgage. Assuming the scores qualify how badly will I be affected by a 6 yr. old collection for a credit card with a $20,000 balance? Would the underwriters ask that I pay this off? If so it may be better to wait a yr. until the CA can no longer report.
It's a tough call, that is a sizeable amount, but it's so old. Is it past it's statute of limitations? If so I'd document the law that confirms it's no longer collectable, go for a pre-approval and see what an underwriter says.