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Basically she signed a letter stating that she is not disputing anything...
The lender told me that Underwriters do not like to see account dispute, and she/he will most likely denied my application is that's the case.
At the same time she also advised me that removing a dispute will affect her credit score.
@tgrantly wrote:Im confused when you said the dispute has to be cleared? Do you mean the comments removed or the account itself? If the account will be deleted entirely, the score will go up. What type of letter did she sign? for the company to dispute it?
She needs the comment removed...
Basically she signed a letter stating that she is not disputing anything...
The lender told me that Underwriters do not like to see account dispute, and she/he will most likely denied my application is that's the case.
At the same time she also advised me that removing a dispute will affect her credit score.
I had this same problem but it did not come about until the day before we were suppose to close. I was advised with the score being so close it is better to pay it down to under 1000 and do a rapid rescore then it is to delete the dispute. Once the Dispute is removed 9 chances out of 10 it will drop your score and then you will no longer qualify. I ended up paying it down and it worked in my favor closed on my home over a month ago.
Gotcha. For FHA i believe the balance has to be less than $1000 for a disputed account to go through with no action needed. I dont think it will matter much to transunion its already 4 years old, Equifax is the one that would be the issue.
@tgrantly wrote:Gotcha. For FHA i believe the balance has to be less than $1000 for a disputed account to go through with no action needed. I dont think it will matter much to transunion its already 4 years old, Equifax is the one that would be the issue.
I just asked my loan officer if I can lower the balance to $500 and she told me They have to remove the comment dispute... the dont like that word.
I think the same about transunion.. it should not go down. I am in track as far the equifax does not go lower than 600!!!!